FSA removes Approved Persons notification rule

In the latest move to simplify its regulatory regime for financial services firms, the Financial Services Authority (FSA) said it will remove the requirement on firms to notify the regulator of the responsibilities of Approved Persons each year. Under the rules, firms had to inform the FSA by 31 July each year of the roles and responsibilities of FSA-approved senior managers. The FSA said it would delete the requirement with immediate effect, meaning companies will not have to provide the information for this year as expected.