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Status: You are viewing the version of the handbook as on 2019-01-03.

SYSC 2.1 Apportionment of Responsibilities

SYSC 2.1.1RRP

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.

SYSC 2.1.1AGRP

8Firms should also consider the additional guidance on risk-centric governance arrangements for effective risk management contained in SYSC 21.

SYSC 2.1.2GRP

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.

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SYSC 2.1.3RRP

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SYSC 2.1.3ARRP

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SYSC 2.1.3BGRP

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SYSC 2.1.3CRRP

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SYSC 2.1.3DG

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SYSC 2.1.4RRP

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SYSC 2.1.5GRP

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SYSC 2.1.6GRP

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Insurance distribution activities

SYSC 2.1.6AR

13A 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]