F1C: HLS - SYSC

Nota:

• - Snr Mgmnt Arrangements, Systems & Controls - Partners, directors, and snr mgrs need to understand their responsibilities which should be written down

1. SYSC 2 - Snr mgmnt arrangements

   Nota:

   • - Appoint individuals responsible for 'controlled function' - who is responsible for which - overall responsibility on chief exec or equiv.
2. SYCS 3 - Systems & controls

   Nota:

   • - controls 'appropriate to its business', i.e. according to its nature, size, and risks - regularly reviewed - areas dealt with under common platform req's
3. SYSC 11-17 - Risk systems & controls

   Nota:

   • - apply to types of firms specified in each chapter
4. SYSC 18 - Whistleblowing

   Nota:

   • - Whistleblowers should be protected - Procedure for whistleblowing to someone in the firm or to the FCA, as a req'mnt of Public Internal Disclosure Act 1998
5. SYCS 19A - Remuneration Code

   Nota:

   • - incorporated 1/1/2010 - further additions became effective 1/1/2011 in light of Capital Req's Dirtective, which brought in all authorised banks, b.socs, and CAD invtmnt firms - must establish, implement, & maintain remuneration policies & practices that promote effective risk mgmnt - applies to all staff who have a 'material impact' on firm's risk profile
6. SYSC 20 - Reverse Stress Testing

   Nota:

   • - only applies to PRA-authrorsed banks, b.socs, & v.large BIPRU firms
7. SYSC 21 - Additional Risk Controls

   Nota:

   • - mainly applied to banks & insurers in FTSE 100