SYSC 2.2 Recording the apportionment
- (1)
A firm must make a record of the arrangements it has made to satisfy SYSC 2.1.1 R (apportionment)3 and take reasonable care to keep this up to date.
- (2)
This record must be retained for six years from the date on which it was superseded by a more up-to-date record.
1SYSC 2.2.1R does not apply to a firm to whom PRA Rulebook: Solvency II firms: Insurance – Allocation of Responsibilities, 5.1 and 5.2 or PRA Rulebook: Large Non-Solvency II firms – Allocation of Responsibilities, 5.1 and 5.2,2 applies nor to a large non-directive insurer2.
- (1)
A firm will be able to comply with SYSC 2.2.1 R by means of records which it keeps for its own purposes provided these records satisfy the requirements of SYSC 2.2.1 R and provided the firm takes reasonable care to keep them up to date. Appropriate records might, for this purpose, include organisational charts and diagrams, project management documents, job descriptions, committee constitutions and terms of reference provided they show a clear description of the firm's major functions.
- (2)
Firms should record any material change to the arrangements described in SYSC 2.2.1 R as soon as reasonably practicable after that change has been made.