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Status: You are viewing the version of the handbook as on 2019-04-01.

SYSC 25.1 Application and purpose

Main application rules

SYSC 25.1.1R

1This chapter applies to:

  1. (1)

    an SMCR banking firm; and

  2. (2)

    an SMCR insurance firm that is a Solvency II firm (including a large non-directive insurer) but excluding:

    1. (a)

      an insurance special purpose vehicle; and

    2. (b)

      a firm in SYSC 23 Annex 1 5.2R (firms in run-off);

except to the extent that this chapter applies a narrower scope to a particular provision.

SYSC 25.1.2R

1This chapter is not limited to regulated activities or other specific types of activities.

Territorial scope

SYSC 25.1.3R

1Subject to SYSC 25.1.4R, there is no territorial limitation on the application of this chapter.

SYSC 25.1.4R

1This chapter applies to an overseas SMCR firm in relation to the activities of a branch maintained by the firm in the United Kingdom.

How this chapter applies to overseas SMCR firms

SYSC 25.1.5R

1Unless the context requires otherwise, the following terms in this chapter are modified as follows in relation to an overseas SMCR firm:

Reference in this chapter

Modification

firm

treated as a reference to the branch

governing body, management body, senior management and senior personnel

(a) treated as a reference to the branch’s governing body, management body, senior management or senior personnel;

(b) the Glossary definitions of these terms are adjusted so as to refer to the branch rather than the firm as a whole

group

treated as including the rest of the firm

Purpose

SYSC 25.1.6G
  1. (1)

    1One purpose of the management responsibilities map is to help the firm and the FCA satisfy themselves that the firm has a clear organisational structure (as required by the regulatory system).

  2. (2)

    It also helps the FCA to identify who it needs to speak to about particular issues.

  3. (3)

    The management responsibilities map helps the FCA to operate its powers and requirements for individuals. For example it helps the FCA:

    1. (a)

      to identify who is accountable if something goes wrong;

    2. (b)

      to understand the role of the approved person (or candidate) in the firm and therefore to judge how to use its powers under the regime for SMCR firms, such as the power to grant or refuse approval of an SMF manager or to amend or impose conditions.