FSA: Implementation of the new significant influence controlled functions (SIFs) deferred
Last year, the FSA published proposals for improving the quality of governance within firms and the intensity of their supervisory regime.
The FSA had expected that firms would submit applications on behalf of individuals to perform new SIFs via the FSA's Online Notifications and Applications (ONA) system. However, there is currently a considerable programme of work underway on ONA and the FSA have been unable to complete the necessary changes to allow them to accept applications and notifications from 1 May 2011.
Consequently, the FSA are deferring the implementation of the changes to the approved persons regime until further notice.