Find out how to change, withdraw or cancel approval for a controlled function, including a senior management function (SMF).
You'll need to complete the relevant form to do any of these tasks:
- Form B – withdrawing an approval application that is in progress
- Form C – notice of ceasing to perform a controlled function
- Form D – notification of changes in personal information or application details
- Form E – internal transfer of a controlled function
Unless otherwise stated below, please complete and submit these forms on our online system Connect.
Once you've submitted a form you'll get an automated email to confirm that we've received it. If you want to follow up with us about your application, please reply to this email rather than writing a new one – this will help us link it with your case and avoid delays.
Withdrawing an application
If you want to withdraw your firm's application after submitting it, you'll need to download and complete Form B.
If your application has already been allocated, please send Form B to your assigned case officer.
If we haven't allocated it yet, please email Form B to us by replying to the acknowledgement email you received when you submitted your original application. If you can't find this, call us on 0300 500 0597.
Withdrawing applications for a controlled function or SMF
If your firm wants to withdraw its application to allow an individual to perform a controlled function or senior management function (SMF), you'll also need to submit Form B, with the consent of the candidate. Refer to our guidance notes to complete Form B in this instance.
If the candidate doesn’t consent to the withdrawal – for example, because it brings their fitness and propriety into question – they may continue the application without your firm's support. However, we won't approve them for a function at your firm.
And if we don't deem them to be fit and proper, we'll refuse their application and issue a warning notice setting out the reasons. Read more about how our decision-making process.
Ceasing a controlled function
When an approved person no longer performs one or more controlled functions for your firm – including if your firm no longer deems them to be fit and proper – please tell us by submitting Form C.
You must do this no later than 7 business days after an approved person ceases to perform a controlled function.
If that person will stop performing controlled functions across firms within the same group, you can complete one form but in it make sure you select all the firms.
Qualified withdrawals
A qualified withdrawal is something we apply to functions when they have been voluntarily withdrawn by a firm because:
- it reasonably believes information it has obtained may affect our assessment of an approved person’s fitness and propriety – for example where a candidate has been involved in misconduct
- it dismisses, or suspends, an approved person from its employment
- an approved person resigns while under investigation by the firm, us or any other regulatory body
A firm cannot apply for a qualified withdrawal – it's a status that we set, when relevant, when we receive Form C.
We often challenge candidates if they have previous qualified withdrawals.
Change in personal information
If an approved person's details change, or details in their application to perform controlled functions change, please tell us by submitting Form D.
This could be for straightforward things like a change in their employment arrangement, as well as for matters related to the risk of harm to consumers such as a change in their fitness and propriety.
We don't need to know about changes in a person’s private address. And please don't use this form if the approved person requires approval for more controlled functions or has ceased controlled functions – there are separate forms for this.
Internal transfer of a controlled function
When an approved person stops performing one or more controlled functions, and your firm wants to apply for them to be approved for other controlled functions, please submit Form E.
You can also use this application for transfers between firms that are part of the same group.
When we may withdraw an approval
If we consider an individual to be no longer fit and proper, we can withdraw their approval.
We'll base our decision on the same factors that we grant approval.
Notification of competence
All firms with retail investment advisers must monitor them, and let us know if problems arise with their ethics or competence. This gives us a better view of advisers as they move between firms.
Your firm should notify us if a retail investment adviser:
- is no longer considered competent
- failed to attain an appropriate qualification within the prescribed time limit
- failed to keep to a Statement of Principle (APER)
- performed an activity without demonstrating competence and without supervision
If an adviser has breached any of these requirements, complete a notification form and email it to [email protected].
Some issues may be put right almost instantly by firms where there is no risk to consumers, or where there is no suggestion of serious competence issues. For example, failing an internal assessment as part of an ongoing training programme.
