CTRL 3.1.12 General obligations — oversight

An authorised firm’s governing body:

(a) must provide effective oversight of the individual who exercises the firm’s senior executive function and the firm’s senior management;
(b) must hold the individual who exercises the senior executive function and the firm’s senior management accountable for their actions;
(c) must set out the possible consequences (including dismissal) if those actions are not aligned with the body’s performance expectations;
(d) must deal prudently with any conflicts of interest that may arise by ensuring that no individual or group of individuals unduly influences the body’s decision-making;
(e) must approve the organisational structure and corporate governance framework through which the firm is managed and controlled;
(f) must ensure that the firm has succession plans for its key functions;
(g) must establish direct and independent contact with the firm’s audit and risk functions (if any);
(h) must ensure that the firm has effective policies, procedures and controls to deter, prevent, detect, report and remedy fraud, and must ensure that appropriate resources are allocated for that purpose; and
(i) must maintain transparency and disclosure.

 

Deleted by QFCRA RM/2014-6 (as from 1st January 2015)
Amended by QFCRA RM/2020-4 (as from 1st July 2021)