This chapter is also intended to remind credit unions that the Senior Management Arrangements, Systems and Controls sourcebook (SYSC) also contains a number of high level rules relating to senior management arrangements, systems and controls designed to have general application to all firms, including credit unions. SYSC 1 and SYSC 4 to SYSC 10 apply to all credit unions in respect of the carrying on of their regulated activities and unregulated activities in a prudential context. SYSC 18 applies to all credit unions without restriction. This chapter does not seek to repeat the requirements of SYSC that are relevant to firms more generally.
to encourage directors and senior managers to take appropriate practical responsibility for the arrangements that all firms must put in place on matters likely to be of interest to the appropriate regulator because they impinge on the appropriate regulator's function under the Act;