SYSC 2.1 Apportionment of Responsibilities
A firm must take reasonable care to maintain a clear and appropriate apportionment of significant responsibilities among its directors and senior managers in such a way that:
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(1)
it is clear who has which of those responsibilities; and
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(2)
the business and affairs of the firm can be adequately monitored and controlled by the directors, relevant senior managers and governing body of the firm.
The role undertaken by a non-executive director will vary from one firm to another. For example, the role of a non-executive director in a friendly society may be more extensive than in other firms. Where a non-executive director is an approved person, for example where the firm is a body corporate, his responsibility and therefore liability will be limited by the role that he undertakes.
8Insurance distribution activities
13A firm carrying on insurance distribution activities must allocate to a senior manager the function of ensuring the proper implementation of the policies and procedures approved in accordance with SYSC 3.1.11R.
[Note: second paragraph of article 10(8) of the IDD]