Controlled Function. This is an activity or function that an individual must be approved for by the FCA prior to carrying out. Some controlled functions are known as SIF’s , significant influence functions and these apply to those is control of the running of the firm for example a Director will need to be approved as a CF1. Those in a customer function relating to certain activities will need to be approved as CF30
Compliance Monitoring Programme. This is a tool used by authorised firms to ensure a thorough ongoing assessment of whether a firm’s compliance processes and procedures are being implemented and recorded effectively in order to meet FCA requirements. A compliance monitoring plan should be proportionate to the scale and complexity of the business and vary based on the firm’s assessment of their regulatory risks.
The FCA’s Conduct of Business Sourcebook. Its contains a combination of rules and guidance that apply to directly authorised firms and their appointed representatives regarding the way they conduct regulated business.