Customer functions merger to save firms £1million in administration, says FSA

Customer functions CF21 to CF27 are to be combined into one generic CF30 function from 1 November 2007. The same activities will still fall under the approved persons regime but firms will no longer be required to submit a Form E and a Form A whenever an individual wishes to take on an additional customer function. No distinction is to be made between those who deal with wholesale or retail customers. Any future review of the value of customer functions will not occur before 2009. The FSA says that the onus will now fall “directly on firms and senior management to ensure that they can clearly identify which individuals perform which activities.”