Authorised Persons meaning

SM&CR Checklist—SMF approvals: what to do when things go wrong The Senior Managers & Certification Regime (SM&CR) obliges authorised firms to seek approval from the Financial Conduct Authority (FCA) and/or the Prudential Regulatory Authority (PRA) before appointing an individual to carry out a senior manager function (SMF). As part of that process, the regulator may invite the candidate to interview. Interviews are discretionary rather than a standard step in the SMF approval pathway. This Checklist supports SMF candidates and their firms (which submit the SMF application on the candidate’s behalf) in spotting, managing and responding to issues that arise during an SMF interview or after it, including receipt of a ‘minded to refuse’ letter or a decision by the regulator(s) to refuse the application. This Checklist should be read in conjunction with: SM&CR Checklist—preparing for SMF interviews and Practice Note: SM&CR—SMF interviews for regulatory approval. What is meant by ‘things going wrong’? Problems may emerge at several points during the interview process...

Background to and scope of this flowchart An individual who conducts a regulated activity in the UK in the course of business, where no relevant exclusion or exemption applies, must be authorised under the Financial Services and Markets Act 2000 (FSMA 2000). For details and context on the consequences of carrying on a regulated activity without authorisation, consult Practice Note: The general prohibition and implications of its breach. For an explanation of what it means to carry on business in the UK, see Practice Notes: What does 'by way of business' mean? and Territorial scope of the general prohibition. For guidance on exemptions and exclusions that may apply in particular circumstances, refer to Practice Notes: Regulated activities—exempt persons and Exclusions and exemptions relating to the general prohibition—an introduction...

In this issue Financial sanctions AML, CTF & counter-proliferation financing Other financial crime Data protection and cyber security Other Practice Compliance updates this week Question of the week Daily and weekly news alerts Trackers New and updated content Latest Q&A Financial sanctions OFSI reports expiry of General Licence INT/2024/4919848 HM Treasury and the Office of Financial Sanctions Implementation (OFSI) have confirmed the expiry of General Licence INT/2024/4919848, which had authorised transactions with Russia’s National Settlement Depository. The licence has now been moved into the collection titled ‘Expired General Licences’. See: LNB News 23/10/2024 10. OTSI issues information on navigating trade sanctions with OTSI's guidance The Office of Trade Sanctions Implementation (OTSI) recognises the complexities of trade sanctions and reiterates its aim to help UK businesses navigate them effectively. Its recent blog highlights guidance available on the OTSI website, covering its enforcement approach, monetary penalties and routes to appeal, mandatory reporting,...

Nicholas Bacon KC of 4 New Square Chambers, acting for CILEX, sought on 23 February 2026 to persuade the Court of Appeal to reverse a High Court decision that bans unauthorised law firm employees from conducting litigation even when overseen by qualified solicitors. Bacon maintained that Judge Clive Sheldon had misconstrued the Legal Services Act 2007 (LSA 2007). Properly read, the LSA 2007 provides that only authorised persons may assume responsibility for litigation — but authorised persons can assign tasks to other members of the firm, Bacon said. He submitted that if the High Court’s ruling known as Mazur stands, authorised persons such as solicitors would be prevented from delegating an array of litigation tasks, which would run counter to established practice in the legal sector since the 19th century...

Kession Capital Ltd (in Liquidation) v KVB Consultants Ltd and others [2026] UKSC 11 Background This appeal concerns the regulation of financial services under FSMA, which bars any person from carrying on a financial services business unless authorised by the FCA. Individuals or firms holding FCA authorisation are described as ‘authorised persons’. Under FSMA 2000, s 39, an authorised person may allow another to conduct a financial services business as its representative; that other person is called an ‘appointed representative’. Section 39 requires that the appointment is effected by a contract specifying the kinds of business (‘business of a prescribed description’) the appointed representative is permitted to undertake. The authorised person must, in writing, accept responsibility for the appointed representative’s activities ‘in carrying on the whole or part’ of that specified business. Accordingly, an authorised person can restrict the permission granted so that the appointed representative carries on only a ‘part’ of a business. By FSMA 2000, s 39(3), the authorised person accepts responsibility ‘for anything done or...

Practice Note This Practice Note explores what amounts to a protected disclosure for the whistleblowing protections in the Employment Rights Act 1996 (ERA 1996), into which the relevant provisions of the Public Interest Disclosure Act 1998 (PIDA 1998) have been incorporated. It addresses the general features of disclosures, when they qualify as qualifying disclosures, the need for a whistleblower to hold a reasonable belief that a relevant category of wrongdoing has occurred, and that the disclosure serves the public interest, where appropriate and necessary. It further considers when qualifying disclosures obtain protection and identifies the prescribed persons (people) to whom a disclosure may properly be directed. In addition, the Practice Note summarises the reporting obligations placed on certain prescribed persons to produce an annual written report concerning the workers’ disclosures received by them...

Practice Note Within the EU, medical devices are strictly overseen by legislation that manages safety and performance throughout the whole lifecycle and across the full product lifetime, spanning pre- to post-market stages. This Practice Note outlines the regime established by Directive 93/42/EEC on medical devices (MDD), Directive 90/385/EEC on active implantable medical devices (AIMDD), which applied until 25 May 2021, and Directive 98/79/EC on in vitro diagnostic medical devices (IVDD), which remained in force until 25 May 2022; collectively, the MD Directives. The MD Directives continue to matter for ‘legacy’ devices that were authorised under them for placement on the EEA market before the new rules started to apply. They will also persist as points of reference for several years for particular legacy devices, for differing durations, pursuant to transitional provisions. This Practice Note sets out how devices were categorised, subjected to conformity assessment, and affixed with the CE mark under the MD Directives. It further addresses advertising and promotion of medical devices, the issue of counterfeit medical devices,...

Directive (EU) 2019/882, also known as the European Accessibility Act (the EAA) Adopted across the EU in April 2019, this is a significant piece of legislation shaped by a marketplace increasingly seeking accessible products and services, and by a rising number of citizens with disabilities—a consequence of longer life spans. The EAA is grounded in the UN Convention on the Rights of Persons with Disabilities (UNCRPD), the first international, legally binding instrument to set minimum standards for the rights of disabled people. It sits within the Strategy for the Rights of Persons with Disabilities 2021–2030, which seeks to enhance the lives of persons with disabilities in Europe and worldwide, building on the European Disability Strategy 2010–2020. The EAA was initially proposed to complement Directive (EU) 2016/2102, the EU Web Accessibility (adopted in 2016 to make public-sector websites and mobile applications more accessible), and to harmonise EU standards to reduce barriers for developers of accessibility-related products and services. For more information, see Practice Note: Website accessibility in the EU. However,...

This TRUST is dated [ date ] Parties [ name ] of [ address ], represented by [ name ] of [ address ] (the Litigation Friend) [ name ] of [ address ] and [ name ] of [ address ] (the Original Trustees) Background The Trust is named [ insert name ] (the Trust). The Trust is created to accept the compensation payable for a personal injury to [ insert name ] (the Beneficiary), who lacks capacity to manage their property and financial affairs under the Mental Capacity Act 2005. Following the personal injury, legal proceedings [ under Claim Number [ insert number ] ] were commenced and an order for payment of compensation was made on [ date to be completed once order is made ]...

[ insert company name ] [ LIMITED OR PLC ] (the Company) At a meeting of the Company’s board on [ insert date ], it was resolved that [ [ insert name of single corporate representative ] OR the persons named below ] are appointed as the Company’s corporate representative[ s ] [ for the shares shown next to each name ] to act for the Company [ in person or by remote electronic means ] at the annual general meeting of [ insert company name ] PLC on [ insert date ] at [ insert time ] at [ insert address ] [ , and also via the electronic facilities available through [ insert URL of virtual meeting platform ] (the Virtual Meeting Platform ) ] [ : OR . ] Name Shares [ insert name of multiple corporate representative ] — [ insert number and class of shares for which the representative is appointed ] I certify this is a...

This [ insert document name ] has not been sanctioned by an authorised person in line with section 21(2)(b) of the Financial Services and Markets Act 2000...

A disabled person’s trust A disabled person’s trust benefits from distinctive inheritance tax (IHT) treatment. To access this favourable regime, certain qualifying requirements must be satisfied. Specifically, the trust must be one of the forms authorised by section 89 of the Inheritance Tax Act 1984 (IHTA 1984), taking account of subsequent amendments to IHTA 1984, and there must be a qualifying disabled beneficiary. For IHTA 1984 purposes, the criteria a beneficiary must satisfy to be treated as a disabled person are set out in IHTA 1984, s 89(4A), together with Schedule 1A to the Finance Act 2005 (FA 2005), which prescribe the relevant tests and definitions...