CTRL 1.2.5 What are controlled functions?
(1) FSR, article 41, requires that, to exercise a controlled function for an authorised firm, an individual must be an approved individual, and authorises the Regulatory Authority to specify, in rules, the functions that are controlled functions.
Note The assessment, training and competency of individuals to exercise controlled functions is dealt with in INDI.
(2) For FSR, article 41 (2), each of the following is a controlled function:
(a) the non-executive governance function;
(b) the executive governance function;
(c) the senior executive function;
(d) the finance function;
(e) the senior management function;
(f) the MLRO function;
(g) the risk management function;
(h) the compliance oversight function;
(i) the internal audit function;
(j) the actuarial function.
Note 1 Each of the controlled functions mentioned in subrule (2) (other than the MLRO function) is described elsewhere in these rules. There are signpost definitions in the Glossary.
Note 2 The non-executive governance function, the executive governance function, the senior executive function, the finance function and the senior management function are responsible for the firm’s governance and general management — see Chapter 3.
Note 3 The MLRO function is to do with compliance and reporting under the law relating to money laundering and preventing the financing of terrorism — see AML/CFTR or (for general insurance firms only) AMLG. The MLRO function is not further dealt with in these rules.
|Derived from QFCRA RM/2020-4 (as from 1st July 2021)|