Related provisions for SUP 18.1.1B
Table: Examples of how the other local responsibility function applies
Example |
Comments |
(1) ‘A’ is allocated local responsibility for one of a branch’s main business lines. A is also appointed to perform a PRA-designated senior management function for the same branch. |
A only needs approval to perform the PRA-designated senior management function. |
(2) ‘A’ is outside the branch’s management structure and A’s responsibilities for the branch are limited to setting overall strategy for the branch. A does not have responsibility for implementing that strategy. |
A is not performing the other local responsibility function. The reason for this is explained in SYSC 26.8.3G4. SUP 10C.8.1R(2) is irrelevant to this example. 4 |
(3) A small branch undertakes two business lines (wholesale lending and corporate investments). ‘A’ is head of wholesale lending and is also an executive director of the branch. ‘B’ is head of corporate investments and does not sit on the branch management committee but reports to it on corporate investments. The branch allocates local responsibility for these functions to A and B. Neither A nor B performs any other FCA-designated senior management function or PRA-designated senior management function4. |
A only needs approval to perform the executive director function4. B needs approval to perform the other local responsibility function. 3 |
(4) A branch does not have a Head of Internal Audit. ‘P’ is allocated local responsibility for internal audit in relation to that branch. |
P needs approval to perform the other local responsibility function. However, if P has already been approved to perform another FCA-designated senior management function or PRA-designated senior management function for that firm4, then P will not be performing the other local responsibility function. |
(5) ‘A’ is appointed to perform the executive director function4. The same branch also allocates local responsibility for some branch functions to A. 3 |
A only needs approval to perform the executive director function4. 3 |
(6) ‘A’ is approved to perform the other local responsibility function. Later, A is appointed to perform the executive director function4 for the same firm. 3 |
A requires approval for the other local responsibility function when A is first appointed. When A is later approved to perform the executive director function4, A stops performing the other local responsibility function. The firm should use Form E to apply for approval for A to perform the executive director function and to notify the FCA that A is no longer performing the other local responsibility function.4 33 |
(7) ‘A’ is appointed to perform: (a) the compliance oversight function for one firm (Firm X) in a group (which may or may not be an SMCR firm to which the other local responsibility function applies4); and (b) a function coming within the scope of the other local responsibility function for the United Kingdombranch of4 another firm (which is an overseas SMCR firm to which the other local responsibility function applies4) in the same group (Firm Y). |
A needs approval to perform the compliance oversight function for Firm X and the other local responsibility function for Firm Y. |
(8) ‘A’ is appointed to take on some functions that come within the other local responsibility function. Later, A is appointed as chief risk officer. A is a type of firm for which being chief risk officer is a PRA designated senior management function.4 |
On A’s first appointment, A will need to be approved to perform the other local responsibility function. On being approved as chief risk officer, A stops performing the other local responsibility function4. |
(9) ‘A’ is appointed as an executive director. A then resigns and takes up a job with the same firm coming within the other local responsibility function4. |
On A’s first appointment, A will need to be approved to perform the executive director function4. A will need to get approval to perform the other local responsibility function before A takes up their new responsibilities4. 3 |
Note: Local responsibility is explained in SYSC 26 (Senior managers and certification regime: Overall and local responsibility).4 |
Table: FCA-approved persons forms
Form |
Purpose |
Handbook requirement |
|
the relevant Form A |
The relevant online form on the FCA and PRA'sonline notification and application system3 or the form in SUP 10A Annex 4D (See Note) 11 |
Application to perform controlled functions under the approved persons regime |
|
Form B |
Notice to withdraw an application to perform controlled functions under the approved persons regime |
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Form C |
Notice of ceasing to perform controlled functions |
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Form D |
Notification of changes in personal information or application details |
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Form E |
The relevant online form on the FCA and PRA'sonline notification and application system3 system or the form in SUP 10A Annex 8D (See Note) 11 |
Internal transfer of an approved person |
|
Note (1)5: The form in the SUP annex shown is to be used by a firm whose Part 4A permission covers only credit-related regulated activities5, and by other firms only in the event of a failure of the information technology systems used by the FCA. See the relevant "Handbook requirement".5 |
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Note (2): Where SUP 10A.1.16BR (appointed representative of an SMCR firm) applies, the version of the form to be used is the one required by SUP 10C (FCA senior managers regime for approved persons in SMCR firms). 5 |