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Application provision

1.1 Unless otherwise stated, this Part applies to a firm that, on the effective date, has a Part 4A permission for effecting contracts of insurance or carrying out contracts of insurance and which will with effect from 1 January 2016 be:

6.1

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[Deleted.]

6.2

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[Deleted.]

6.3

10/12/2018

  1. (1) If, in relation to a firm, a PRA senior management function holder with continued approval also performs FCA activities on and from the commencement date, performance of the PRA senior management function will include the performance of those FCA activities provided that the firm has included details of the FCA activities in a scope of responsibilities form for tha PRA senior management function holder which is provided to the PRA by 7 September 2016 in accordance with Large Non-Solvency II Firms – Key Function Holder – Notifications 5.3.
  2. (2) If, in relation to a firm, a PRA senior management function holder with continued approval has been performing FCA activities in the circumstances set out in (1), and that person:
    1. (a) ceases to perform the PRA senior management function;
    2. (b) within three months of ceasing performance, is approved to perform a new PRA senior management function at the firm; and
    3. (c) continues to perform the FCA activities,
    4. performance of the new PRA senior management function will include the performance of those FCA activities, provided:
    5. (d) the PRA’s approval to perform that PRA senior management function continues in force;
    6. (e) the firm makes the notification required by SUP10C.9.8R (4) of the FCA Handbook; and
    7. (f) that person performs and is continuing to perform the FCA activities.

6.4

10/12/2018

If a PRA senior management function holder to whom 6.3 applies ceases to perform a PRA senior management function but continues to perform the FCA activities, 6.3(1)will continue to apply in respect of the performance of the FCA activities until the earlier of:

  1. (1) approval by the FCA in respect of the performance by that person of those FCA activities as an FCA governing function in relation to the firm; or
  2. (2) three months from the time that the person ceased to perform that PRA senior management function.

6.5

10/12/2018

[Deleted.]