What is an example of a controlled function an approved person might perform?

An approved person within the insurance sector is typically someone who has been confirmed by a regulatory body to perform certain functions that are deemed essential to the governance and control of financial operations. Advising on product sales is a clear example of a controlled function, as it involves providing guidance and recommendations to clients regarding insurance products. This role requires not only a deep understanding of the products but also compliance with legal and regulatory standards to ensure that the advice given is suitable and in the best interest of the customer.

This function is closely monitored due to its significance in influencing customer decisions and financial outcomes. Approved individuals in this capacity must ensure that their advice adheres to the principles laid out by regulatory frameworks, hence their designation as controlled functions.