Prudential Regulation Authority Rulebook

15.1

This Chapter does not apply to the FSCS.

15.2

A firm must provide the PRA with a report on its systems to comply with 11.1 and 11.2 within three months of receiving a Part 4A permission to accept deposits.

15.3

A firm must notify the PRA and FSCS of a material change in the firm’s systems to comply with 11.1 and 11.2 within 3 months of the change.

15.4

The notification in 15.3 must be accompanied by a statement signed on behalf of the firm’s governing body confirming that the firm’s systems comply with 11.1 and 11.2 and satisfy the requirements in 11.8.

15.5

A firm must provide the report to the PRA promptly upon request by the PRA.

15.6

A firm must update the report annually.

15.7

The report that a firm provides under 15.2 must contain:

1. (1) a description of:
1. (a) the firm’s systems to comply with 11.1 and 11.2 and how those systems have been implemented;
2. (b) the testing undertaken with respect to its systems to comply with 11.1 and 11.2;
3. (c) the firm’s plan for the ongoing maintenance of its systems to comply with 11.1 and 11.2;
4. (d) how the firm’s governing body will ensure that they remain satisfied that its systems comply with 11.1 and 11.2;
5. (e) any other factors relevant to the design of its systems to comply with 11.1 and 11.2;
6. (f) any dependencies in operating its systems to comply with 11.1 and 11.2 (such as reliance on group systems);
2. (2) a statement signed on behalf of the firm’s governing body confirming that the firm’s systems comply with 11.1 and 11.2;
3. (3) a statement of whether the firm’s systems to comply with 11.1 and 11.2 have been reviewed by internal or external auditors, and, if so, a statement of the findings of that review; and
4. (4) a statement of whether there has been a material change to the firm’s systems to comply with 11.1 and 11.2 since the date of the firm’s previous report.