Prudential Regulation Authority Rulebook

5.1

A firm must, taking into account the nature, scale and complexity of its business and the business of other members of its group, establish and maintain appropriate internal processes regarding the governance of its recovery plan and resolution pack.

5.2

1. (1) A firm’s recovery plan must be subject to oversight and approval by the firm’s governing body.
2. (2) A firm’s governing body must be responsible for assessing, approving and overseeing the firm’s arrangements in place to produce the firm’s resolution pack. The firm’s audit committee must periodically review these arrangements and the recovery plan.
3. (3) A firm must nominate an executive director who is a member of the firm’s governing body to have responsibility for the recovery plan and resolution pack and for overseeing the internal processes regarding their governance.