GEN 5.2.3

The following requirements must be met by an Authorised Person applying for a Financial Services Permission to carry on a Regulated Activity with or for a Retail Client:

(a) the applicant must have adequate systems and controls for carrying on Regulated Activities with or for a Retail Client;
(b) the applicant must have adequate systems and controls (including policies and procedures) to ensure compliance with the requirements in COBS relevant to Retail Clients;
(c) the applicant must have adequate systems and controls to ensure that its Employees remain competent and capable to perform the functions which are assigned to them, in particular, functions that involve dealing with Retail Clients; and
(d) the applicant must have adequate Complaints handling policies and procedures.