6
Table of Functions for Grandfathering
6.1
The PRA senior 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 of column 1 of the table below.
- 13/07/2015
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 |
|---|---|---|
| Pre-implementation PRA or FCA Controlled Function | PRA Senior Management Function | FCA-designated Senior Management Function |
| All firms apart from credit unions and UK branches of third country CRR firms | ||
| Director (CF1) Partner (CF4) Director of unincorporated association (CF5) |
Chief Finance function (SMF2) Chief Risk function (SMF4) Head of Internal Audit (SMF5) Head of Key Business Area (SMF6) Group Entity Senior Manager (SMF7) |
Executive Director (SMF3) |
| Non-executive director (CF2) | Group Entity Senior Manager (SMF7) Chairman (SMF9) Chair of the Risk Committee (SMF10) Chair of the Audit Committee (SMF11) Chair of the Remuneration Committee (SMF12) Senior independent director (SMF14) |
Chair of the Nominations Committee (SMF13) |
| Chief executive (CF3) | Chief executive (SMF1) |
|
| Systems and Controls (CF28) | Chief Finance function (SMF2) Chief Risk function (SMF4) Head of Internal Audit (SMF5) Group Entity Senior Manager (SMF7) |
|
| Significant management (CF29) | Head of Key Business Area (SMF6) Group Entity Senior Manager (SMF7) |
Other overall responsibility function (SMF18) |
| Credit unions | ||
| Column 1 | Column 2 | Column 3 |
| PRA or FCA Controlled Function | PRA Senior Management Function | FCA-designated Senior Management Function |
| Director (CF1) |
Credit Union Senior Manager (SMF8) |
Executive Director (SMF3) |
| Non-executive director (CF2) |
Credit Union Senior Manager (SMF8) |
Chair of the Nominations Committee (SMF13) |
| Chief executive (CF3) |
Credit Union Senior Manager (SMF8) |
|
| UK Branches of Third country CRR firms | ||
| PRA or FCA Controlled Function | PRA Senior Management Function | FCA Function |
| Director (CF1) | Chief Finance function (SMF2) Chief Risk function (SMF4) Head of Internal Audit (SMF5) Group Entity Senior Manager (SMF7) Head of Overseas Branch (SMF19) |
Executive Director function (SMF 3) |
| Non-executive director (CF2) | Group Entity Senior Manager (SMF7) |
|
| Chief executive (CF3) | Head of Overseas Branch (SMF19) |
|
| Systems and Controls (CF28) | Chief Finance function (SMF2) Chief Risk function (SMF4) Head of Internal Audit (SMF5) Group Entity Senior Manager (SMF7) |
Other local responsibility function (SMF22) |
| Significant management (CF29) | Group Entity Senior Manager (SMF7) Head of Overseas Branch (SMF19) |
Other local responsibility function (SMF22) |
- 16/12/2015
6.3
The PRA directs that a firm must not specify in the grandfathering notification that any person shall perform any combination of PRA senior management functions which is prohibited by any other provision of the PRA Rulebook or the FCA Handbook.
- 13/07/2015