Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

SYSC 25.2 Management responsibilities maps: Main rules

General rule

SYSC 25.2.1R
  1. (1)

    1A UK SMCR firm must, at all times, have a comprehensive and up-to-date document (the management responsibilities map) that describes its management and governance arrangements.

  2. (2)

    An overseas SMCR firm must, at all times, have a comprehensive and up-to-date document (the management responsibilities map) that describes the management and governance arrangements for any branch it maintains in the United Kingdom.

  3. (3)

    A management responsibilities map must include:

    1. (a)

      details of the reporting lines and the lines of responsibility; and

    2. (b)

      reasonable details about:

      1. (i)

        the persons who are part of those arrangements; and

      2. (ii)

        their responsibilities.

      (See further requirements in SYSC 25.2.3R.)

SYSC 25.2.2R

1The firm’s management responsibilities map must show clearly how any responsibilities covered by a firm’s management responsibilities map are shared or divided between different persons.

Specific requirements

SYSC 25.2.3R

1A management responsibilities map must include:

  1. (1)
    1. (a)

      the names of all the firm’s:

      1. (i)

        approved persons (including PRA approved persons);

      2. (ii)

        members of its governing body and (if different) management body who are not approved persons;

      3. (iii)

        senior management;

      4. (iv)

        senior personnel; and

    2. (b)

      details of the responsibilities which they hold;

  2. (2)

    all responsibilities described in any current statement of responsibilities;

  3. (3)

    details of the management and governance arrangements relating to:

    1. (a)

      the FCA-prescribed senior management responsibilities; and

    2. (b)

      the PRA-prescribed senior management responsibilities;

    including the identity of the persons to whom those functions are allocated;

  4. (4)

    the reasons why (if it has done any of these things) the firm:

    1. (a)

      allocates responsibility for an FCA-prescribed senior management responsibility to more than one person jointly; or

    2. (b)

      divides responsibility for an FCA-prescribed senior management responsibility between different persons;

  5. (5)

    details about the functions allocated under, SYSC 26 (Senior managers and certification regime: Overall and local responsibility), including:

    1. (a)

      what the activities, business areas and management functions allocated under that chapter are;

    2. (b)

      the management and governance arrangements relating to them;

    3. (c)

      [deleted]

    4. (d)

      the reasons why (if it has done this) the firm allocates responsibility for any such function to more than one person jointly; and

    5. (e)

      the identity of the persons to whom those functions are allocated;

  6. (6)

    matters reserved to the governing body (including the terms of reference of its committees) and, if different, the management body;

  7. (7)

    details of how the firm’s management and governance arrangements fit together with:

    1. (a)

      its group; and

    2. (b)

      any other person in (8);

  8. (8)

    details of the extent to which the firm’s management and governance arrangements are provided by, or shared with, other members of its group or others;

  9. (9)

    details of the reporting lines and the lines of responsibility (if any) between the firm and those who carry out functions in relation to it and:

    1. (a)

      other members of its group or other third parties;

    2. (b)

      persons acting as employees or officers of, or otherwise acting for, anyone in (a); or

    3. (c)

      committees or other bodies of anyone in (a);

  10. (10)

    reasonable information about the persons described or identified in the management responsibilities map, including:

    1. (a)

      whether they are employees of the firm and, if not, by whom they are employed;

    2. (b)

      if they are certification employees of the firm; and

    3. (c)

      the responsibilities they have in relation to other group members or any other person in (8); and

  11. (11)

    details of how (1) to (10) fit together and fit into the firm’s management and governance arrangements as a whole.

SYSC 25.2.4R

1SYSC 25.2.3R(1) does not require the firm to include the names of approved persons under SUP 10A (FCA Approved Persons in Appointed Representatives)2.