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Application provision

1.1 Unless otherwise stated, this Part applies to:

2.1

10/12/2018

A firm (other than a Swiss general insurer) must allocate each of the prescribed responsibilities set out in 3.1 (other than 3.1(9) and (10)) to one or more persons who, in relation to that firm, are approved under section 59 of FSMA by:

  1. (1) the PRA to perform a PRA senior management function; or
  2. (2) in relation to relevant senior management functions only, the FCA.

2.2

10/12/2018

A firm (other than a Swiss general insurer) must allocate each of the prescribed responsibilities set out in 3.1(9) and (10) and the prescribed responsibility set out in 3.2, if applicable to one or more non-executive directors who perform:

  1. (1) PRA senior management function set out in Large Non-Solvency II Firms – Senior Insurance Management Functions 4; or
  2. (2) an FCA governing function at that firm.

2.3

10/12/2018

A Swiss general insurer must allocate each of the prescribed responsibilities set out in 3.1(A1) to 3.1(1) and each of the Swiss general insurer prescribed responsibilities to one or more persons who, in relation to that firm, are approved under section 59 of FSMA by:

  1. (1) the PRA to perform a PRA senior management function; or
  2. (2) in relation to the relevant senior management function only, the FCA.

2.4

10/12/2018

firm must ensure that any responsibilities allocated to, and that form part of the responsibilities of, a person who performs a PRA senior management function in relation to the firm are consistent with the scope of that PRA senior management function and of any prescribed responsibilities, FCA responsibilities and other responsibilities allocated to that person.