Prudential Regulation Authority Rulebook

2.1

Subject to 3A.3 & 3B.3, a firm (other than a third country branch undertaking, a third country insurance services provider, a small run-off firm or a UK ISPV) must allocate each of the prescribed responsibilities set out in 3.1 (other than 3.1(10) and (11)) 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

Subject to 3A.3 & 3B.3, a firm (other than a third country branch undertaking, a third country insurance services provider, a small run-off firm or a UK ISPV) must allocate each of the prescribed responsibilities set out in 3.1(10) and (11) and the prescribed responsibility set out in 3.3, if applicable, to one or more non-executive directors who perform:

1. (1) a PRA senior management function set out in Insurance – Senior Management Functions 4; or
2. (2) an FCA governing function at that firm.

2.3

Subject to 3A.3 & 3B.3, a third country branch undertaking (other than a Swiss general insurer) must allocate each of the prescribed responsibilities set out in 3.1(A1) to 3.1(1), (4), (5), (6), (7) and (12) and each of the third country branch prescribed responsibilities to one or more persons who, in relation to that firm, are approved under section 59 of FSMA or treated as so approved pursuant to a notice given under section 59ZZA, 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.

2.3A

A third country insurance services provider who has been given a notice under section 59ZZA must allocate each of the prescribed responsibilities set out in chapter 3B to one or more persons who are treated under that section as approved under section 59.

2.4

A small run-off firm must allocate each of the prescribed responsibilities set out in 3.2 to one or more persons who, in relation to that small run-off 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.

2.5

A UK ISPV must allocate each of the prescribed responsibilities set out in 3.1(A1) to 3.1(A3) 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.

2.6

A 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.