CRED 4.2 Apportionment of responsibilities
Under 1SYSC 4.3.1 R1 every firm is required to take reasonable care to maintain an appropriate apportionment of significant responsibilities among its directors and senior managers, so that it is clear who has those responsibilities and so the firm can be governed adequately.
In order to comply with the requirements, a credit union will need to be clear who is responsible for which significant matters within the credit union.
Among the significant responsibilities to be apportioned will be responsibility for:
- (1)
finance;
- (2)
lending;
- (3)
arrears control;
- (4)
money laundering reporting;
- (5)
complaints handling.