FCA Handbook - WDPG App 2 QRG: leadership and responsibilities

You are viewing WDPG App 2 QRG: leadership and responsibilities as of . WDPG App 2 QRG: leadership and responsibilities was last updated on 09/12/2016.

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WDPG App 2.1 Leadership and responsibilities

For successful wind-down planning, it is important that a firm’s governing body (e.g. the Board of Directors of a company or partners of a partnership) fully understand the purpose and process of wind-down planning.

The firm’s governing body is ultimately responsible for the effectiveness of wind-down planning, and so it needs to demonstrate leadership and set the strategy for the process.

Effective wind-down planning is more likely if it is prepared by a working group leading the process and reporting to the governing body via a designated representative.

Effective	Less effective
Senior management leads a wind-down planning project and secures the governing body’s agreement to the principles of wind-down planning.	Finance Department works out the estimated costs of winding down the business (i.e. without considering the associated governance and operational planning elements).