A ‘change in control’ happens when a person’s shareholding or influence over a firm moves across certain thresholds.
Under FCA rules, a ‘controller’ is any person or business with significant ownership of a firm. For General Insurance Intermediaries, this means a person whose shareholding or voting power is 20% or more.
A ‘Parent undertaking’ is a person or entity that may have ownership over a firm. The FCA automatically treats parent undertakings as controllers, as they need visibility of who controls or has influence over the direction of the firm.
When . . .
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