Related provisions for SUP 10A.4.1
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1Table: Situations to which FIT appliesWhat FIT applies toDoes it apply to SMCR firms2?Does it apply to firms that are not SMCR firms2?Comment(1) A firm assessing the fitness and propriety of a candidate whom the firm is proposing to put forward for approval YesNoHowever, the answer to Question 11 in SUP 10A Annex 1 (Frequently asked questions) says that the FCA's approval process is not a substitute for the checks that a firm should be carrying out on its prospective recruits.
Table: Examples of how the other overall responsibility function applies1ExampleComments(1) ‘A’ is appointed to perform the executive director function2 and to perform a potential other overall responsibility function for the same firm.A only needs approval to perform the executive director function2.(2) ‘A’ is approved to perform the other overall responsibility function. Later, A is appointed to perform the executive director function2 for the same firm.A requires approval for
Table: To whom does COCON apply? 99Persons to whom COCON appliesComments9(1) An SMF manager.9 (2) An employee (“P”) of a an SMCR firm12 who:9 (a) performs the function of an SMF manager;9 (b) is not an approved person to perform the function in question; and9 (c) is required to be an approved person at the time P performs that function.9 (3) An employee of an SMCR firm12 who would be performing an FCA-designated senior management function12 but for SUP 10C.3.13R (The 12-week
(1) CASS 11.3.4R describes the FCA controlled function known as the CASS operational oversight function (CF10a) in relation to CASS large debt management firms, including not-for-profit debt advice bodies.1(2) As a consequence of CASS 11.3.4R (in conjunction with SUP 10A.4.1R and SUP 10A.7.10R), in a CASS large debt management firm (including a not-for-profit debt advice body fitting into that category) the function described in CASS 11.3.4R is required to be discharged by a director
(1) (a) CASS 1A.3.1AR describes the FCA controlled function known as the CASS operational oversight function (CF10a). The table of FCA controlled functions3 in SUP 10A.4.4R3 together with SUP 10A.7.9R3 specify the CASS operational oversight function as an FCA required function4 for a firm to which CASS 1A.3.1AR applies.3(b) The CASS operational oversight function does not apply to an SMCR firm. For an SMCR firm, the function in CASS 1A.3.1AR is not a separate controlled function
(1) SYSC 22.9.1R applies to keeping records created before the date this chapter came into force as well as ones created afterwards.(2) An SMCR firm2 does not breach the requirements of this chapter by failing to include something in a reference or by failing to have records2 because it destroyed the relevant records before the date this chapter came into force in accordance with the record keeping requirements applicable to it at the time of destruction.(3) (1) also applies to
ModuleRelevance to Credit UnionsThe Principles for Businesses (PRIN)The Principles for Businesses (PRIN) set out 3high-level requirements 3imposed by the FCA3. They provide a general statement of regulatory requirements. The Principles apply to all9credit unions. In applying the Principles to credit unions, the FCA3 will be mindful of proportionality. In practice, the implications are likely to vary according to the size and complexity 3of the credit union.99999Senior Management
1Statements of Principle issued under section 64A(1)(a) of the ActStatement of Principle 1An approved person must act with integrity in carrying out his accountable functions.Statement of Principle 2An approved person must act with due skill, care and diligence in carrying out his accountable functions.Statement of Principle 3An approved person must observe proper standards of market conduct in carrying out his accountable functions.Statement of Principle 4An approved person must deal
Information which may be required. See SUP 6.3.24 GType of businessInformation which may be requiredAll 1. Details of how the firm plans to comply with the relevant regulator's24 regulatory requirements relating to any additional regulated activities it is seeking to carry on.242. Descriptions of the firm's key controls, senior management arrangements and audit and proposed compliance arrangements in respect of any new regulated activity (see SYSC). 3. Organisation charts and