6
Table of Equivalent Functions for Grandfathering
6.1
The senior insurance management functions set out in column 2 of the table are specified as equivalent functions, in each case in relation to the pre-implementation controlled functions set out in the corresponding row in column 1 of the table below.
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6.2
The FCA functions set out in column 3 of the table are specified as equivalent functions, in each case in relation to the pre-implementation controlled functions set out in the corresponding row of column 1 of the table below.
| Column 1 | Column 2 | Column 3 |
|---|---|---|
| PRA or FCA Controlled Function | PRA Senior Insurance Management Function | FCA Function |
| Director (CF1) | Small Insurer Senior Management function (SIMF25) | FCA Director function (CF1) (See Note) |
| Non-executive director (CF2) | Small Insurer Senior Management function (SIMF25) | |
| Chief executive (CF3) | Small Insurer Senior Management function (SIMF25) | FCA Chief executive function (CF3) (See Note) |
| Director of unincorporated association (CF5) | Small Insurer Senior Management function (SIMF25) | FCA Director of unincorporated association function (CF5) (See Note) |
| Small friendly society (CF6) | Small Insurer Senior Management function (SIMF25) | FCA Small friendly society function (CF6) (See Note) |
| Actuary (CF12) | Small Insurer Chief Actuary function (SIMF20) | |
| With-Profits Actuary (CF12A) | Small Insurer With-Profits Actuary function (SIMF21) | |
| Systems and Controls (CF28) | Small Insurer Senior Management function (SIMF25) |
Note: See SUP TP 8.2.3R in the FCA Handbook.
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6.3
A firm must submit a scope of responsibilities form to the PRA by 7 March 2017 in respect of any senior insurance management function holder with continued approval in relation to that firm.
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6.4
- (1) If, in relation to a firm, a senior insurance management function holder with continued approval also performs FCA activities on and from the commencement date, performance of the senior insurance management function will include the performance of those FCA activities provided that the firm has included details of the FCA activities in a scope of responsibilities form for that senior insurance management function holder which is provided to the PRA by 7 March 2017.
- (2) If, in relation to a firm, a senior insurance management function holder with continued approval has been performing FCA activities in the circumstances set out in (1), and that person:
- (a) ceases to perform the senior insurance management function;
- (b) within three months of ceasing performance, is approved to perform a new senior insurance management function at the firm; and
- (c) continues to perform the FCA activities,
- performance of the new senior insurance management function will include the performance of those FCA activities, provided:
- (d) the PRA’s approval to perform that senior insurance management function continues in force;
- (e) the firm makes the notification required by SUP10A.11.12R(4) of the FCA Handbook; and
- (f) that person performs and is continuing to perform the FCA activities.
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6.5
If a senior insurance management function holder to whom 6.4 applies ceases to perform a senior insurance management function but continues to perform the FCA activities, 6.4(1) will continue to apply in respect of the performance of the FCA activities until the earlier of:
- (1) approval by the FCA in respect of the performance by a person of those FCA activities as an FCA governing function in relation to the firm; or
- (2) three months from the time that the person ceased to perform that senior insurance management function.
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6.6
The PRA directs that a firm must not specify in the grandfathering notification that any person shall perform any combination of senior insurance management functions which is prohibited by any other provision of the PRA Rulebook or the FCA Handbook.
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