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SYSC 2.2 Recording the apportionment

SYSC 2.2.1R
  1. (1)

    A firm must make a record of the arrangements it has made to satisfy SYSC 2.1.1 R (apportionment) and SYSC 2.1.3 R (allocation) and take reasonable care to keep this up to date.

  2. (2)

    This record must be retained for six years from the date on which it was superseded by a more up-to-date record.

SYSC 2.2.1AR

1SYSC 2.2.1R does not apply to a firm to whom PRA Rulebook: Solvency II firms: Insurance – Allocation of Responsibilities, 5.1 and 5.2 or PRA Rulebook: Large Non-Solvency II firms – Allocation of Responsibilities, 5.1 and 5.2,2 applies nor to a large non-directive insurer2.

SYSC 2.2.2G
  1. (1)

    A firm will be able to comply with SYSC 2.2.1 R by means of records which it keeps for its own purposes provided these records satisfy the requirements of SYSC 2.2.1 R and provided the firm takes reasonable care to keep them up to date. Appropriate records might, for this purpose, include organisational charts and diagrams, project management documents, job descriptions, committee constitutions and terms of reference provided they show a clear description of the firm's major functions.

  2. (2)

    Firms should record any material change to the arrangements described in SYSC 2.2.1 R as soon as reasonably practicable after that change has been made.

SYSC 2.2.3G

Where responsibilities have been allocated to more than one individual, the firm's record should show clearly how those responsibilities are shared or divided between the individuals concerned.

SYSC 2.2.4R
  1. (1)

    1A Solvency II firm (including a large non-directive insurer)2 must have, and maintain, a governance map which satisfies the following conditions:

    1. (a)

      it complies, as applicable,2 with PRA Rulebook: Solvency II firms: Insurance – Allocation of Responsibilities, 5.1 and 5.2, or PRA Rulebook: Large Non-Solvency II firms – Allocation of Responsibilities, 5.1 and 5.2,2 as if those rules had been made by the FCA;

    2. (b)

      it includes details relating to all persons carrying out a significant influence function within the firm not already included under (a);

    3. (c)

      the details in (b) must give as much information as required by, as applicable,2 the PRA Rulebook: Solvency II firms: Insurance – Allocation of Responsibilities, 5.1 or PRA Rulebook: Large Non-Solvency II firms – Allocation of Responsibilities, 5.1,2 as if those rules2 applied in relation to the persons in (b) and as if they2 had been made by the FCA;

    4. (d)

      where the FCA requires responsibilities to be allocated to a person carrying out a significant influence function, the governance map must clearly show the person allocated responsibilities; and

    5. (e)

      the details in (b) and (d) must be updated in the same way as required by, as applicable,2 PRA Rulebook: Solvency II firms: Insurance – Allocation of Responsibilities, 5.2, or PRA Rulebook: Large Non-Solvency II firms – Allocation of Responsibilities, 5.2, as if those rules2 applied in relation to the persons in (b) and as if they had been made by the FCA.

  2. (2)

    A Solvency II firm must keep an up-to-date record of the scope of responsibilities for each approved person performing a significant influence function.

  3. (3)

    The scope of responsibilities record in (2), and each updated version, must:

    1. (a)

      have the form and content, subject to amendments to keep it up to date, as required to be provided to the FCA or PRA on the application of an approved person to perform a significant influence function; and

    2. (b)

      be signed by the approved person and also an appropriate representative of the firm.

  4. (4)

    Where a firm amends its governance map to show changes in a person’s responsibilities it must also ensure that:

    1. (a)

      the person concerned is informed in writing of the changes; and

    2. (b)

      the document recording the person’s scope of responsibilities is amended to show the changes.

  5. (5)

    Each version of the governance map and, separately, the document recording a person’s scope of responsibilities must be retained for ten years, or six years for large non-directive insurers,2 from the date on which it was superseded by a more up-to-date record, and the firm2 must be in a position to provide it2 to the FCA on request.

  6. (6)

    SYSC 2.2.4R(1) only applies to firms to whom PRA Rulebook: Solvency II firms: Insurance – Allocation of Responsibilities, 5.1 and 5.2 or PRA Rulebook: Large Non-Solvency II firms – Allocation of Responsibilities, 5.1 and 5.2,2 applies.

SYSC 2.2.5G

1Firms are not expected to update a person’s scope of responsibilities record in SYSC 2.2.4R(2) more frequently than the governance map in SYSC 2.2.4R(1).

SYSC 2.2.6R

2A small non-directive insurer must keep an up-to-date record of the scope of responsibilities for each approved person performing a significant influence function and must:

  1. (1)

    retain each version of the record for six years from the date on which it was superseded by a more up-to-date record;

  2. (2)

    be in a position to provide any version of the record in (1) to the FCA on request;

  3. (3)

    ensure that the record in (1) and each updated version:

    1. (a)

      has the form and content, subject to amendments to keep it up to date, as required, to be provided to the FCA or PRA on the application of an approved person to perform a significant influence function; and

    2. (b)

      is signed by the approved person and also an appropriate representative of the firm.

SYSC 2.2.7G

2A firm applying for a person to be approved to perform a significant influence function is required to submit with Form A (long and short form) a scope of responsibilities document (see SUP 10A Annex 4D).