SUP 10C.2 1Purpose

The purpose of SUP 10C is:

1. (1)

   to specify, under section 59 of the Act, descriptions of the FCA-designated senior management functions for relevant authorised persons, which are listed in SUP 10C.4.3R;

2. (2)

   to specify the manner in which a firm must apply for the FCA's approval under section 59 of the Act and other procedures for FCA-approved SMF managers; and

3. (3)

   describe the FCA's senior management regime for SMF managers in relevant authorised persons.

SUP 10C does not deal with the PRA's senior management regime for relevant authorised persons. The key parts of its regime can be found in the parts of the PRA's rulebook called ‘Senior Management Functions’ and ‘Allocation of Responsibilities’.

1. (1)

   The FCA has certain powers in relation to PRA-approved persons, such as the requirement for FCA consent to the PRA granting approval for the performance of a PRA controlled function. SUP 10C does not deal with these.

2. (2)

   However, SUP 10C.12.1G has material about the FCA's policy on giving its consent to applications made to the PRA about conditional and time-limited approvals.

SUP 10C.14 (Changes to an approved person’s details) applies, in certain cases, to PRA-approved persons. Where this is the case, it says so.