Related provisions for GENPRU 1.2.38
41 - 51 of 51 items.
(1) It
is important for the approved person performing
a significant influence function to
understand the business for which he is responsible (APER 4.6.4 E).
An approved person performing
a significant influence function is
unlikely to be an expert in all aspects of a complex financial services business.
However, he should understand and inform himself about the business sufficiently
to understand the risks of its trading, credit or other business activities.(2) It
is important
Business and internal control risks vary from firm to firm, according to the nature and complexity of the business. The FCA's assessment of these risks is reflected in how its rules apply to different categories of firm as well as in the use of its other regulatory tools. One of the tools the FCA has available is to give a firm individual guidance on the application of the requirements or standards under the regulatory system in the firm's particular circumstances.
10When determining the adequacy of its internal controls, a firm should consider both the potential risks that might hinder the achievement of the objectives listed in SYSC 14.1.28 G, and the extent to which it needs to control these risks. More specifically, this should normally include consideration of:(1) the appropriateness of its reporting and communication lines (see SYSC 3.2.2 G);(2) how the delegation or contracting of functions or activities to employees, appointed representatives