Transitional Provisions and Schedules
SUP TP 3
Transitional provisions relating to SUP 10A and SUP 10B: Transition from the FSA to the FCA and PRA
FSA controlled function | FCA controlled function into which approved person transitioned | Firms to which transitional relates |
Director function (CF1) | Director function (CF1) | FCA-authorised persons only |
Non-executive director function (CF2) | Non-executive director function (CF2) | FCA-authorised persons only |
Chief executive function (CF3) | Chief executive function (CF3) | FCA-authorised persons only |
Partner function (CF4) | Partner function (CF4) | FCA-authorised persons only |
Director of unincorporated association function (CF5) | Director of unincorporated association function (CF5) | FCA-authorised persons only |
Small friendly society function (CF6) | Small friendly society function (CF6) | FCA-authorised persons only |
Apportionment and oversight function (CF8) | Apportionment and oversight function (CF8) | All firms |
Compliance oversight function (CF10) | Compliance oversight function (CF10) | All firms |
CASS operational oversight function (CF10A) | CASS operational oversight function (CF10A) | All firms |
Money laundering reporting function (CF11) | Money laundering reporting function (CF11) | All firms |
Systems and controls function (CF28) | Systems and controls function (CF28) | FCA-authorised persons only |
Significant management function (CF29) | Significant management function (CF29) | All firms |
Customer function (CF30) | Customer function (CF30) | All firms |
TP 3.2 | Transition to the PRA | |
3.2.1 | R | An approved person who was, as at cutover, approved by the FSA to perform, in relation to a PRA-authorised person, a controlled function specified by the FSA set out in column 1 of the table in SUP TP 3.2.2R is deemed to be approved by the PRA to perform the PRA-controlled function in the same row of column 2 in that table in relation to that firm. |
3.2.2 | R | Table: FSA controlled functions transitioned to the PRA |
FSA controlled function | PRA controlled function |
Director function (CF1) | Director function (CF1) |
Non-executive director function (CF2) | Non-executive director function (CF2) |
Chief executive function (CF3) | Chief executive function (CF3) |
Partner function (CF4) | Partner function (CF4) |
Director of unincorporated association function (CF5) | Director of unincorporated association function (CF5) |
Small friendly society function (CF6) | Small friendly society function (CF6) |
Actuarial function (CF12) | Actuarial function (CF12) |
With-profits actuary function (CF12A) | With-profits actuary function (CF12A) |
Lloyd's actuary function (CF12B) | Lloyd's actuary function (CF12B) |
Systems and controls function (CF28) | Systems and controls function (CF28) |
TP 3.3 | Amalgamation of functions | ||
3.3.2 | G | In the case of a PRA-authorised person, if SUP 10.6.2 R (each of the FSA's governing functions includes the FSA's systems and controls function and significant management function) applied immediately before cutover, SUP 10B.7.1R (the equivalent PRArule) applies following cutover in relation to the systems and controls function. | |
3.3.3 | G | In the case of a PRA-authorised person, if a person was approved by the FSA to perform one of the FSA's governing functions and the FSA's apportionment and oversight function in relation to a firm, the effect of SUP TP 3 is that he will deemed to be approved by the FCA for the apportionment and oversight function and by the PRA for the appropriate governing function in relation to that firm. SUP 10A.11.11 R (disapplication of the apportionment and oversight function if approved for a PRA governing function) and SUP 10B.7.3 R (functions making up the apportionment and oversight function if approved for a PRA governing function) do not apply. |
TP 3.4 | Changes to approved persons details | |
3.4.2 | G | Firms are reminded that an effect of the transitional provisions in SUP TP 2.2 is that SUP 10B.14.16R to SUP 10B.14.22R (notifications relating to changes to the details relating to approved persons and candidates and new information relating to them) apply to changes and new information as compared to the position before cutover. |
TP 3.6 | General | |
3.6.1 | G | References in SUP TP 3 to a person being approved for the purposes of section 59 of the Act (approval for particular arrangements) or being an approved person includes someone being taken to be approved for the purposes of that section by virtue of an order made under the Act relating to transitional matters, such as one relating to the bringing into force of the Act. |
- 01/04/2013
SUP Sch 1
Record keeping requirements
- 31/12/2004
SUP Sch 1.1
See Notes
The aim of the guidance in the following table is to give the reader a quick overall view of the relevant record keeping requirements. |
It is not a complete statement of those requirements and should not be relied on as if it were. |
- 01/04/2013
SUP Sch 1.2
Handbook reference | Subject of record | Contents of record | When record must be made | Retention period |
SUP 4.3.17 R (3) | Data for actuary (or actuaries appointed under SUP 4 (Actuaries) | Such data as the actuary (or actuaries) appointed under SUP 4 (Actuaries) reasonably require | Not specified | Not specified |
SUP 12.9.1 R, SUP 12.9.2 R | Appointed representatives | (1) Appointed representative's name | On appointment, amendment of contract or termination of contract | 3 years from termination or amendment of the contract, other than in respect of tied agents when period is five years. |
SUP 12.9.5 R | EEA tied agents | If a UK MiFID investment firm appoints an EEA tied agent the record keeping requirements in SUP 12.9 applies to that firm as though the EEA tied agent were an appointed representative. | ||
(2) Copy of the original contract with the appointed representative and any subsequent amendments to it (including details of any restrictions placed on the activities which the appointed representative may carry on) | ||||
(3) Date and reason for terminating or amending the contract | ||||
(4) arrangements agreed with other principals under SUP 12.4.5B R | ||||
SUP 16.8.23 R | Persistency reports and data reports | Records to enable the firm to monitor regularly the persistency of life policies and stakeholder pensions effected through each of its representatives and make the required reports to the FCA . | Not specified | Not specified |
- 03/08/2015
SUP Sch 5A
Rights of actions for damages
- 01/04/2013
SUP Sch 5A.1
See Notes
The table below sets out the rules in SUP contravention of which by an authorised person may be actionable under section 138D of the Act (Actions for damages) by a person who suffers loss as a result of the contravention.
- 01/04/2013
SUP Sch 5A.2
See Notes
- 01/04/2013
SUP Sch 6
Rules that can be waived
- 01/12/2004
SUP Sch 6.1B
See Notes
As a result of section 138A of the Act (Modification or waiver of rules) the PRA has power to waive all its rules, other than rules made under section 137O (Threshold condition code). However, if the rules incorporate requirements laid down in European directives, it will not be possible for the PRA to grant a waiver that would be incompatible with the United Kingdom's responsibilities under those directives.
- 01/04/2013