Policies and procedures provided in an application shall contain or be accompanied by:
an indication of who is responsible for the approval and maintenance of the policies and procedures;
a description of how compliance with the policies and procedures will be enforced and monitored and who is responsible for this;
a description of the measures undertaken in the event of a breach of the policies;
an indication of the procedure for reporting to the FCA a material breach of the policy or procedure which may result in a breach of the conditions for initial registration or certification.
A credit rating agency may fulfil the obligation to provide information regarding its policies and procedures under this Regulation by submitting a copy of the relevant policies and procedures.
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.