Home FCA Handbook SYSC SYSC 2 SYSC 2.1 Apportionment of Responsibilities
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SYSC 2.1 Apportionment of Responsibilities

01/12/2001R

A firm must take reasonable care to maintain a clear and appropriate apportionment of significant responsibilities among its directors and senior managers in such a way that:

  1. (1)

    it is clear who has which of those responsibilities; and

  2. (2)

    the business and affairs of the firm can be adequately monitored and controlled by the directors, relevant senior managers and governing body of the firm.

01/05/2011G

Firms should also consider the additional guidance on risk-centric governance arrangements for effective risk management contained in SYSC 21.

01/05/2011G

The role undertaken by a non-executive director will vary from one firm to another. For example, the role of a non-executive director in a friendly society may be more extensive than in other firms. Where a non-executive director is an approved person, for example where the firm is a body corporate, his responsibility and therefore liability will be limited by the role that he undertakes.

Insurance distribution activities

01/10/2018R

A firm carrying on insurance distribution activities must allocate to a senior manager the function of ensuring the proper implementation of the policies and procedures approved in accordance with SYSC 3.1.11R.

[Note: second paragraph of article 10(8) of the IDD]