shareholders and approved persons

bonzo123 | 20:41 Mon 29th Oct 2007 | Personal Finance

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is it true that as long as an individual does not own any more than 10% of shares in the buisiness, then he/she does not have to go through the fsa approved person check which normally requires a credit check? Is this fact that a person is a small 10% shareholder classed as an exemtion?.

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