Prudential Regulation Authority Rulebook

5.1

A firm must have and maintain a management responsibilities map, which is a clear and coherent document or series of documents with the following details:

1. (1) a list of the key functions identified by the firm in accordance with 4.1 highlighting those that amount to effectively running the firm (or, for a third country branch undertaking other than a Swiss general insurer, effectively running the operations effected by the third country branch or for a third country insurance services provider, effectively running the activities carried out by the third country insurance services provider, in the UK;
2. (2) the names of the persons who effectively run the firm (or, for a third country branch undertaking other than a Swiss general insurer, effectively run the operations effected by the third country branch or for a third country insurance services provider, effectively running the activities carried out by the third country insurance services provider, in the UK;
3. (3) for each person named pursuant to 5.1(2), a summary of the significant responsibilities allocated to that person (including, if applicable, any prescribed responsibilities that have been allocated to that person in accordance with 2);
4. (4) where any responsibilities covered by 5.1(3) are allocated to more than one person, details of how those responsibilities are shared or divided between the persons concerned;
5. (5) reporting lines and lines of responsibility for each person listed pursuant to 5.1(2);
6. (6) where a firm (other than a third country branch undertaking or third country insurance services provider) 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) for the persons listed pursuant to 5.1(2), 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;
7. (7) matters reserved to the governing body (including the terms of reference of its committees) and including, in the case of a third country branch undertaking, the equivalent body (or its committees) responsible for the management of the third country branch undertaking’s business activities in the UK and in the case of a third country insurance services provider, the equivalent body (or its committees) responsible for the management of the firm’s activities in the UK.

5.2

A firm must update the management responsibilities map:

1. (1) at least quarterly; and
2. (2) in the event of a significant change to:
1. (a) the firm’s governance structure;
2. (b) the significant responsibilities allocated to a key function holder; or
3. (c) the reporting lines or lines of responsibility for a key function holder.

5.3

A firm must, as soon as reasonably practicable, provide the following to the PRA:

1. (1) upon request by the PRA, a copy of the management responsibilities map; and
2. (2) in the event of an update pursuant to 5.2(2), a copy of the relevant part of the management responsibilities map.

5.4

A firm must keep an up-to-date record of the statement of responsibilities of each key function holder.

5.5

A statement of responsibilities form, where it is kept and maintained on behalf of a key function holder, will satisfy the requirement in 5.4.

5.6

The record in 5.4, and each updated version, must be signed by the key function holder and an appropriate representative of the firm.

5.7

Where a firm amends its management responsibilities map to show changes in a person’s responsibilities it must also ensure that:

1. (1) the person concerned is informed in writing of the changes; and
2. (2) the record in 5.4 is amended to show the changes.

5.8

Each version of both the management responsibilities map and the record in 5.4 must be retained for a period of ten years from the date on which it was superseded by a more up-to-date record, and must be provided to the PRA on request.

5.9

[Not currently used.]

5.10

A firm must comply with 5.8 in relation to any record created in accordance with SYSC 2.2.1R of the PRA Handbook as at 31 December 2015.