CTRL 3.1.15 Specific obligations — appointment etc of individuals for certain functions

(1) A decision about the appointment, remuneration, disciplining or dismissal, or the assessment of the performance, of either of the following individuals:
(a) an individual who is approved to exercise the senior executive function for an authorised firm;
(b) an authorised firm’s internal auditor;
may be made only by:
(c) the firm’s governing body;
(d) any relevant committee of the governing body; or
(e) the chair of the governing body, after consulting the governing body.
(2) A decision about the appointment, remuneration, disciplining or dismissal, or the assessment of the performance, of any of the following individuals:
(a) an individual who is approved to exercise the risk management function for an authorised firm;
(b) an individual who is approved to exercise the compliance oversight function for an authorised firm;
(c) an authorised firm’s approved actuary;
may be made only by:
(d) the firm’s governing body or any relevant committee of the governing body; or
(e) the firm’s senior management, after consulting the governing body or the relevant committee of the governing body.

 

Derived from QFCRA RM/2020-4 (as from 1st July 2021)