Related provisions for SYSC 4.7.38
1 - 12 of 12 items.
65(1) SYSC 24 says that certain SMCR firms, including a credit union, should6 allocate a number of specified management responsibilities (called FCA-prescribed senior management responsibilities) to one or more of their SMF managers6. (2) SYSC 26 says that certain SMCR firms, including a credit union, should6 ensure that, at all times, one or more of their6SMF managers have overall responsibility for each of the activities, business areas and management functions of the firm.
2As well as listing the FCA’sdesignated senior management functions for credit unions and other SMCR firms3, 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 managers. A statement
Table: Examples of how the other local responsibility function appliesExampleComments(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. The firm is a PRA-authorised person5A 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
(1) A UK SMCR banking firm4 is required under SYSC 24.2.1R4 to allocate the FCA-prescribed senior management responsibility for acting as the firm’swhistleblowers’ champion. 242(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 that does
ModuleRelevance to Credit UnionsThe Principles for Businesses (PRIN)The Principles for Businesses (PRIN) set out 3high-level requirements 3imposed by the FCA3. They provide a general statement of regulatory requirements. The Principles apply to all9credit unions. In applying the Principles to credit unions, the FCA3 will be mindful of proportionality. In practice, the implications are likely to vary according to the size and complexity 3of the credit union.99999Senior Management