Senior Managers key functions and responsibilities must be defined and approved by regulators
Firms must also provide an overall Management Responsibilities Map – “a single, up-to-date document setting out management and governance arrangements.
Individuals below senior manager level but who perform “significant harm” functions must be certified by firms as “fit and proper” for their roles
Within FCA jurisdiction proposed to apply All individuals in regulated firms carrying out financial services related functions.
Firms must ensure that individuals understand and comply with conduct rules
Breaches of conduct rules must be reported to regulators.