Related provisions for SUP 10C.11.35
1 - 13 of 13 items.
(1) The FCA expects that normally a firm will allocate the FCA-prescribed senior management responsibility in rows (5), (7), (8), (9) and (10) of the table in SYSC 4.7.7R to an SMF manager who is a non-executive director of the firm.(2) The FCA expects that normally a firm will allocate:(a) the other FCA-prescribed senior management responsibilities; and(b) functions under SYSC 4.7.8R (Allocation of overall responsibility for a firm’s activities, business areas and management
(1) As explained in SUP 10C.7.4G, the FCA does not expect a non-executive director ever to perform the other overall responsibility function.(2) Therefore, a non-executive director will not need to be approved to perform any FCA-designated senior management function unless they perform the chair of the nomination committee function.
(1) COCON applies to:(a) an SMF manager;(b) an employee (“P”) of a relevant authorised person who:(i) performs the function of an SMF manager;(ii) is not an approved person to perform the function in question; and(iii) is required to be an approved person at the time P performs that function; and(c) an employee of a relevant authorised person who would be an SMF manager but for SUP 10C.3.13R (The 12-week rule);(d) a certification employee employed by a relevant authorised person,
(1) A UK relevant authorised person2 is required under SYSC 4.7.5R(1)2 to allocate the FCA-prescribed senior management responsibility for acting as the firm’swhistleblowers’ champion. (2) SYSC 18.4.2R requires the appointment by an insurer of a director or senior manager as its whistleblowers’ champion. (3) This section sets out the role of the whistleblowers’ champion.(4) The FCA expects that a firm will appoint a non-executive director as its whistleblowers’ champion. A firm