SYSC 3.1 Systems and Controls

SYSC 3.1.1R01/12/2001

A firm must take reasonable care to establish and maintain such systems and controls as are appropriate to its business.

SYSC 3.1.1AR01/01/2007

1SYSC 3.1 and SYSC 3.2.1 G to SYSC 3.2.22 G apply to a BIPRU firm only to the extent that they do not conflict with SYSC 3.2.23 R to SYSC 3.2.36 R.

SYSC 3.1.2G01/12/2001

(1)
The nature and extent of the systems and controls which a firm will need to maintain under SYSC 3.1.1 R will depend upon a variety of factors including:
1. (a)
  the nature, scale and complexity of its business;
2. (b)
  the diversity of its operations, including geographical diversity;
3. (c)
  the volume and size of its transactions; and
4. (d)
  the degree of risk associated with each area of its operation.
(2)
To enable it to comply with its obligation to maintain appropriate systems and controls, a firm should carry out a regular review of them.
(3)
The areas typically covered by the systems and controls referred to in SYSC 3.1.1 R are those identified in SYSC 3.2. Detailed requirements regarding systems and controls relevant to particular business areas or particular types of firm are covered elsewhere in the Handbook.

SYSC 3.1.3G01/12/2001

Where the Combined Code developed by the Committee on Corporate Governance is relevant to a firm, the FSA, in considering whether the firm's obligations under SYSC 3.1.1 R have been met, will give it due credit for following corresponding provisions in the Codeand related guidance.

SYSC 3.1.4G01/12/2001

A firm has specific responsibilities regarding its appointed representatives (see SUP 12).

SYSC 3.1.5G01/12/2001

SYSC 2.1.3 R (2) prescribes how a firm must allocate the function of overseeing the establishment and maintenance of systems and controls described in SYSC 3.1.1 R.

Select a Version:

Content Options:

View Options:

More Resources:

Alternative versions

SYSC 3.1 Systems and Controls