Content Options

View Options

Status: You are viewing the version of the handbook as on 2012-12-13.

SUP 10.8 Systems and controls function4


SUP 10.8.-1R

4The systems and controls function applies to every firm subject to this chapter, except in relation to bidding in emissions auctions carried on by a firm that is exempt from MiFID under article 2(1)(i).

Systems and controls function (CF28)4

SUP 10.8.1R

The systems and controls function is the function of acting in the capacity of an employee of the firm with responsibility for reporting to the governing body of a firm, or the audit committee (or its equivalent) in relation to:2

  1. (1)

    its financial affairs; 2

  2. (2)

    setting and controlling its risk exposure (see SYSC 3.2.10 G and SYSC 7.1.6 R);2

  3. (3)

    adherence to internal systems and controls, procedures and policies (see SYSC 3.2.16 G and SYSC 6.2).23

SUP 10.8.2G


SUP 10.8.2AG

2Where an employee performs the systems and controls function the FSA would expect the firm to ensure that the employee had sufficient expertise and authority to perform that function effectively. A director or senior manager would meet this expectation.3

SUP 10.8.3R


SUP 10.8.4G


SUP 10.8.5G


SUP 10.8.6R


SUP 10.8.7G


SUP 10.8.8G