Prudential Regulation Authority Rulebook

7.1

A firm must at all times have a comprehensive and up-to-date single document (a management responsibilities map) that describes the firm’s management and governance arrangements including:

1. (1) details of the reporting lines and the lines of responsibility; and
2. (2) reasonable details about the persons who are part of these arrangements;
3. (3) the responsibilities of those persons.

7.2

A management responsibilities map must in particular include:

1. (1) the names of all the firm’s approved persons (including FCA approved persons), notified non-executive directors, credit union non-executive directors and senior management and the responsibilities held by each, including all FCA responsibilities;
2. (2) if any PRA senior management functions or FCA designated senior management functions are performed by more than one person, or any prescribed responsibilities, small firm prescribed responsibilities or third country CRR firm prescribed responsibilities, as the case may be, are allocated to more than one person, details of how the performance or discharge of the responsibilities is to be carried out by those persons;
3. (3) matters reserved to the management body (including the terms of reference of its committees) including, in the case of a third country CRR firm, the equivalent body (or its committees) responsible for the management of the third country CRR firm’s business and activities in the UK;
4. (4) where the firm is a member of a group;
1. (a) how the firm’s management and governance arrangements fit together with those of its group and the extent to which the firm’s management and governance arrangements are provided by or shared with other members of its group; and
2. (b) details of the reporting lines and the lines of responsibility (if any) to persons who are employees or officers of other group members or to committees or other bodies of the group or of other group members; and
5. (5) details of how the matters set out in (1) to (4) fit into the firm’s management and governance arrangements as a whole.

7.3

If the content of a statement of responsibilities is modified or revised, a firm must send a copy of that revised statement of responsibilities to the PRA as soon as possible.

7.4

A firm must retain a copy of each version of:

1. (1) its management responsibilities map; and
2. (2) the statement of responsibilities for each person who performs or has performed a PRA senior management function for the firm

for a period of ten years from the date on which the management responsibilities map or the statement of responsibilities, as the case may be, is superseded by a more up-to-date version.