These are specified, under section 59 of the Financial Services and Markets Act[1] which still stands as the reference after the FSA split into the FCA and the PRA.
This function is having the responsibility, alone or jointly with one or more others, under the immediate authority of the governing body: For a branch in the United Kingdom of an overseas firm, the FCA would not normally expect the overseas chief executive of the firm as a whole to be FCA-approved for this function where there is a senior manager under him with specific responsibility for those activities of the branch which are subject to the UK regulatory system.
[4] A person performing the chief executive function may be a member of the governing body but need not be.
If so, it will need to be approved (if the firm in question is an FCA-authorised person) to perform the chief executive function.
Typically a non-directive friendly society will appoint a "committee of management" to direct its affairs.
If this is the case, the FCA would expect the society to resolve to give responsibility for the carrying on of regulated activities to one individual who is appropriate in all the circumstances.
[10] Often, the CF10 function is held by the chief compliance officer, whose role is to ensure that an organization is compliant with both internal and external policies and regulations.
The 2007-8 financial crisis has had a serious impact on the compliance field, highlighting the need for radical reforms to ensure the solvency and transparency of firms in times of economic fluctuations as the implementation of globally agreed principles and standards remains highly challenging, given there are no legal powers to enforce or settle disputes between jurisdictions at the global level.