SYSC 26.11 Link between this chapter and other parts of the senior managers regime

1. (1)

   Having overall or local responsibility for an activity under this chapter requires approval as an SMF manager. This is because a person who has overall or local responsibility for an activity will be:

   1. (a)

      performing the other overall responsibility function or the other local responsibility function; or

   2. (b)

      approved to perform another designated senior management function.

2. (2)

   The other overall responsibility function applies because this is the effect of SUP 10C.7.1R (definition of other overall responsibility function).

3. (3)

   SUP 10C.7.1R(2) says that the other overall responsibility function does not apply to a person who is approved to perform another designated senior management function.

4. (4)

   The other local responsibility function applies because this is the effect of SUP 10C.8.1R (Definition of the other local responsibility function (SMF22)).

5. (5)

   SUP 10C.8.1R(2) says that the other local responsibility function does not apply to a person who is approved to perform another designated senior management function in relation to the branch.

1. (1)

   The purpose of SYSC 25 Annex 1G (Examples of the business activities and functions of an SMCR firm) is to help a firm to prepare its management responsibilities map (see SYSC 25.7.2G).

2. (2)

   There is no direct link between SYSC 25 Annex 1G and this chapter.

3. (3)

   However, a firm may find SYSC 25 Annex 1G useful as a prompt to help it make sure that it has not failed to allocate overall or local responsibility under this chapter for a particular activity of the firm.

4. (4)

   If a firm uses SYSC 25 Annex 1G as a prompt when it allocates overall or local responsibility as described in (3), it should bear in mind that it is not comprehensive (see SYSC 25.7.8G).

The FCA does not require:

1. (1)

   there to be a separate person with overall responsibility for each individual business area in SYSC 25 Annex 1G (Examples of the business activities and functions of an SMCR firm); or

2. (2)

   a firm to allocate functions under this chapter using the same split of business areas as in SYSC 25 Annex 1G.

If a firm does not have anyone who performs the chief operations function (or the equivalent PRA-designated senior management function) the firm should allocate responsibility for the functions in SUP 10C.6B.4G (The chief operations function (SMF24)) among its SMF managers under this chapter.