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Application provision

1.1 Unless otherwise stated, this Part applies to:

4.1

10/12/2018

  1. (1) A firm shall notify the PRA of any changes to the identity of key function holders and shall provide the PRA with:
    1. (a) all the information needed to assess whether such person is fit and proper pursuant to 2.2; and
    2. (b) the information referred to in Large Non-Solvency II Firms - Allocation of Responsibilities 5.1(3) in respect of that person.
  2. (2) Where a firm has complied with 4.1(1) in connection with the appointment of a person as a key function holder, and such person transfers from that key function to a different key function or is appointed to an additional key function, in either case within the same firm, for the purposes of 4.1(1) the firm need only supply, in connection with such subsequent appointment:
    1. (a) updates to the information previously provided; and
    2. (b) if the key function holder is also to perform a PRA senior management function  or an FCA controlled function, the information required in connection with an application for approval to do so.

4.2

10/12/2018

Where:

  1. (1) a person who is to become a key function holder is also to be approved by the PRA to perform a PRA senior management function  or by the FCA to perform an FCA controlled function; and
  2. (2) the firm includes the information referred to in 4.1 in its application to the PRA for the approval of that person to perform the PRA senior management function, or in the application to the FCA for the approval of that person to perform the FCA controlled function,

this shall satisfy the requirement in 4.1 in respect of that key function appointment.

4.3

07/03/2016

If a firm becomes aware of information which would reasonably be expected to be material to the assessment of a current or former key function holder’s fitness and propriety under this Part, it must inform the PRA as soon as practicable.

4.4

07/03/2016

Where a firm replaces a key function holder because the firm considers that that person is no longer fit and proper pursuant to 2.1 and 2.2, the firm must notify the PRA as soon as reasonably practicable.