At least two independent minds should
be applied to both the formulation and implementation of the policies of the firm. Where the firm nominates just two
individuals to direct its business, the FSA will
not regard them as both effectively directing the business where one of them
makes some, albeit significant, decisions relating only to a few aspects of
the business. Each should play a part in the decision-making process on all
significant decisions. Both should demonstrate the qualities and application
to influence strategy, day-to-day policy and their implementation. This does
not require their day-to-day involvement in the execution and implementation
of policy. It does, however, require involvement in strategy and general direction,
as well as knowledge of, and influence on, the way in which strategy is being
implemented through day-to-day policy.