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Application provision

1.1 Unless otherwise stated, this Part applies to a small non-directive insurer.

2.1

10/12/2018

The PRA directs that a firm must make a PRA senior management approval application in accordance with 2.2, before the activities requiring approval commence.

2.2

10/12/2018

The PRA directs that a firm must use Form A (long form) for a PRA senior management approval application unless:

  1. (1) the firm must use Form E under 2.3; or
  2. (2) the firm must use Form A (shortened form) under 2.6.

2.3

10/12/2018

The PRA directs that, subject to 2.4 and 2.5, a firm must use Form E for a PRA senior management approval application if it is being made in respect of a person who has a current approved person approval and is either:

  1. (1) ceasing to perform a PRA senior management function and taking up a new PRA senior management function for the same firm or another member of its group; or
  2. (2) ceasing to perform an FCA-designated senior management function or a significant influence function and taking up a PRA senior management function for the firm or another member of its group.

2.4

10/12/2018

The PRA directs that a firm must not use Form E for a PRA senior management approval application if:

  1. (A1) a notification has been or should be made to the PRA or FCA under any of the following:
    1. (a) section 63(2A) of FSMA (Duty to notify regulator of grounds for withdrawal of approval); 
    2. (b) section 64C of FSMA (Requirement for authorised person to notify regulator of disciplinary action);
  2. (1) a notification has been made or should be made to the PRA under any of the rules in Notifications 11 or to the FCA under any equivalent provisions of the FCA Handbook;
  3. (2) any of the circumstances in 4.2(2)(a) to (d) apply in relation to:
    1. (a) any controlled function that that person is ceasing to perform; or
    2. (b) any controlled function that that person is continuing to perform in relation to that firm or a firm in the same group.

2.5

10/12/2018

The PRA directs that a firm must not use Form E if the person to whom the PRA senior management approval application relates:

  1. (1) has never before been approved:
    1. (a) by the PRA to perform a controlled function; or
    2. (b) by the FCA to perform an FCA-designated senior management function or a significant influence function for any firm;
  2. or
  3. (2) has not been the subject of a current approved person approval in relation to any firm for more than six months prior to the date of application.

2.6

10/12/2018

  1. (1) The PRA directs that a firm must use Form A (shortened form) for a PRA senior management approval application if:
    1. (a) the person to whom the application relates:
      1. (i) has at the time of application a current approved person approval; or
      2. (ii) has had a current approved person approval within the previous six months; and
    2. (b) there have been no matters arising in relation to the fitness and propriety of the person to whom the PRA senior management approval application relates which mean that the information provided to the FCA or PRA regarding fitness and propriety in connection with a current approved person approval may have changed since the application for the current approved person approval was made.
  2. (2) A firm must not use Form A (shortened form) if the circumstances set out in 2.3 apply.

2.7

10/12/2018

The PRA directs that the form submitted for a PRA senior management approval application must be accompanied by a statement of responsibilities form.