Related provisions for DEPP 4.1.6

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COCON 1.1.2RRP
  1. (1)

    COCON applies to:

    1. (a)

      an SMF manager;

    2. (b)

      an employee (“P”) of a relevant authorised person who:

      1. (i)

        performs the function of an SMF manager;

      2. (ii)

        is not an approved person to perform the function in question; and

      3. (iii)

        is required to be an approved person at the time P performs that function; and

    3. (c)

      an employee of a relevant authorised person who would be an SMF manager but for SUP 10C.3.13R (The 12-week rule);

    4. (d)

      a certification employee employed by a relevant authorised person, even if the certification employee has not been notified that COCON applies to them or notified of the rules that apply to them;

      121
    5. (e)

      an employee of a relevant authorised person who would be a certification employee but for SYSC 5.2.27R(1) (Scope: emergency appointments) or SYSC 5.2.28AR (Scope: temporary UK role)6;

      112
    6. (f)

      any other employee of a relevant authorised person, except: 12

      2
      1. (i)

        a non-executive director other than a senior conduct rules staff member; and12

      2. (ii)

        an employee whose role is listed under COCON 1.1.2R(2); and2

        1
    7. (g)

      an FCA-approved person or PRA-approved person approved to perform a controlled function in a Solvency II firm (including a large non-directive insurer) or a small non-directive insurer4.2

  2. (2)

    For Swiss general insurers, references in this sourcebook to parts of the PRA Rulebook for ‘Solvency II firms’ are to be read as references to the corresponding parts of the PRA Rulebook applying to large non directive insurers.7COCON does not apply to an employee of a relevant authorised person who only performs functions falling within the scope of the following roles:1

    1. (a)

      receptionists;1

    2. (b)

      switchboard operators;1

    3. (c)

      post room staff;1

    4. (d)

      reprographics/print room staff;1

    5. (e)

      property/facilities management;1

    6. (f)

      events management;1

    7. (g)

      security guards;1

    8. (h)

      invoice processing;1

    9. (i)

      audio visual technicians;1

    10. (j)

      vending machine staff;1

    11. (k)

      medical staff;1

    12. (l)

      archive records management;1

    13. (m)

      drivers;1

    14. (n)

      corporate social responsibility staff;1

    15. (o)

      data controllers or processors under the Data Protection Act 1998;1

    16. (p)

      cleaners;1

    17. (q)

      catering staff;1

    18. (r)

      personal assistant or secretary;1

    19. (s)

      information technology support (ie, helpdesk); and1

    20. (t)

      human resources administrators /processors.1

  3. (3)

    COCON does not apply to approved persons approved to perform a controlled function in SUP 10A.1.15R to SUP 10A.1.16BR (appointed representatives).2

DEPP 5.1.1GRP
(1) 1A person subject to enforcement action may agree to a financial penalty or other outcome rather than contest formal action by the FCA.4Alternatively, they may enter into a focused resolution agreement and in this way partly contest the proposed action (see DEPP 5.1.8AG to DEPP 5.1.8DG).54(1A) 5Further, even if the person subject to enforcement action wishes to fully contest the proposed enforcement action, they may choose to do so by (i) agreeing to the FCA issuing the required
DEPP 2.5.18GRP
Some of the distinguishing features of notices given under enactments other than the Act are as follows: (1) [deleted]66(2) [deleted]66(3) Friendly Societies Act 1992, section 58A1: The warning notice and decision notice must set out the terms of the direction which the FCA6 proposes or has decided to give and any specification of when the friendly society is to comply with it. A decision notice given under section 58A(3) must give an indication of the society's right, given by
CREDS 8.3.9GRP
2As well as listing the FCA’sdesignated senior management functions for credit unions and other relevant authorised persons, SUP 10C has other requirements about SMF managers:(1) SUP 10C sets out the procedures for applying for, granting, removing and varying approval as an SMF manager.(2) SUP 10C requires firms to give various types of reports to the FCA about their SMF managers.(3) SUP 10C explains that each firm must prepare a statement of responsibilities for each of its SMF
CREDS 2.2.67GRP
5SYSC 4.7 says that a relevant authorised person, including a credit union, should:(1) allocate a number of specified management responsibilities (called FCA-prescribed senior management responsibilities) to one or more of its SMF managers; and(2) ensure that, at all times, one or more of its SMF managers have overall responsibility for each of the activities, business areas and management functions of the firm.
CREDS 2.2.69GRP
(1) 5The list of FCA-prescribed senior management responsibilities that a credit union should allocate is simpler than for most other relevant authorised persons.(2) SYSC 4.7.7R sets out a list of FCA-prescribed senior management responsibilities, including the ones that apply to credit unions.
FIT 2.2.2AGRP
6The FCA would expect a relevant authorised person determining the competence and capability of staff being assessed under FIT to consider convictions, dismissals and suspensions from employment for drug or alcohol abuses or other abusive acts only in relation to a person's continuing ability to perform the particular FCA designated senior management function or an FCA-specified significant-harm function6for which the person is, or is to be, employed.
REC 2.3.17GRP
4The financial risk assessment should be based on a methodology which provides a reasonable estimate of the potential business losses which a UK RIE might incur in stressed but plausible market conditions. The FCA5 would expect a UK RIE to carry out a financial risk assessment at least once in every twelve-month period, or more frequently if there are material changes in the nature, scale or complexity of the UK RIE's operations or its business plans that suggest such financial
SYSC 4.2.8GRP
Where the senior personnel of a full-scope UK AIFM will carry out a FCA8governing function and the firm has applied for the FCA's approval under section 59 of the Act, this will be considered sufficient to comply with SYSC 4.2.7 R.88
DEPP 4.2.1GRP
If FCA2 staff recommend that action be taken and they consider that the decision falls within the responsibility of a senior staff committee:2(1) in general the FCA2 staff's recommendation will go before the senior staff committee;2(2) in urgent statutory notice cases for which a senior staff committee is responsible, the decision to give the statutory notice may be taken by the chairman or, if he is unavailable, a deputy chairman of the senior staff committee, and, if it is practicable,
DEPP 4.2.2GRP
In the circumstances described in DEPP 4.2.1 G (4) the FCA2 considers that it may be necessary for an FCA2 director of division or member of a senior staff committee to take the decision to give a supervisory notice even if he has been involved in establishing the evidence on which the decision is based, as permitted by section 395(3) of the Act. Where practicable, however, FCA2 staff will seek to ensure that the FCA2 director or committee member has not been so involved.2222
DEPP 1.2.4DGRP
2Where an application to perform a controlled function is made to the PRA as the appropriate regulator, the PRA can only approve a person to perform a controlled function with the consent of the FCA (section 59(4)(b) of the Act). Where the application is a relevant senior management application, the FCA’s consent can be conditional on the PRA imposing conditions, or the PRA giving approval only for a limited period.3
IFPRU 4.11.19GRP
The FCA expects that a firm will1 be able to comply with certain other EU CRR requirements only where it can1demonstrate that:11(1) in relation to article 144(1)(e) of the EU CRR, where more than one model is used, the rationale, and the associated boundary issues, is clearly articulated and justified and the criteria for assigning an asset to a rating model are objective and clear;(2) in relation to article 173(1)(c) of the EU CRR, the firm has a process in place to ensure valuations
SUP 3.10.8CGRP
1It is the responsibility of an insurance intermediary's senior management to determine, on a continuing basis, whether the firm is an exempt insurance intermediary for the purposes of this requirement and to appoint an auditor if management determines the firm is no longer exempt. SUP 3.7 (amplified by SUP 15) sets out what a firm should consider when deciding whether it should notify the FCA of matters raised by its auditor.
EG 5.2.4RP
2The FCA will engage senior management in discussions (either heads of department or directors), liaising where appropriate with the settlement decision makers, attending a without prejudice meeting during discussions or arranging for the attendance of an appropriately senior FCA representative.
SYSC 4.5.7RRP
A management responsibilities map must include:(1) (a) the names of all the firm's:(i) approved persons (including PRA approved persons); (ii) members of its governing body and (if different) management body who are not approved persons; (iii) senior management; and(iv) senior personnel; and(b) details of the responsibilities which they hold;(2) all responsibilities described in any current statement of responsibilities; (3) details of the management and governance arrangements
SYSC 4.5.12GRP
(1) This provision gives guidance on specific aspects of SYSC 4.5.5R and SYSC 4.5.7R.(2) A firm need only include summary details of the persons in SYSC 4.5.7R(1).(3) A firm'sSMF managers and members of its governing body may overlap with its senior management and senior personnel. If so, the firm does not have to give the same details twice.(4) A firm should include details of individuals in addition to those in SYSC 4.5.7R(1), (3) and (5) if they are needed to make the management
SYSC 3.2.16GRP
9(1) Depending on the nature, scale and complexity of its business, it may be appropriate for a firm to delegate much of the task of monitoring the appropriateness and effectiveness of its systems and controls to an internal audit function. An internal audit function should have clear responsibilities and reporting lines to an audit committee or appropriate senior manager, be adequately resourced and staffed by competent individuals, be independent of the day-to-day activities