Overview

The FSA has published a consultation paper (CP10/3) entitled "Effective corporate governance (significant influence controlled functions and the Walker review)" which discusses the following:
• Changes to the approved persons regime including a new framework of classification of controlled functions and extension of the scope and definition of certain controlled functions.
• Significant influence functions (SIFs) interviews. The FSA is using theconsultation paper to provide more information on its approach to approving and supervising persons performing SIFs.
• Sir David Walker's final recommendations in relation to non-executive directors (NEDs), the governance of risk, and shareholder engagement, which require implementation by the FSA.