Firm Type Assessment and Limited Scope | Core and Descriptions | Senior Management Function SMF and Public Relations PR | Template for FCA Applications and Authorised Firms

• limited permission consumer credit firms
  • claims management companies (CMCs) that do not carry on any other type of FCA-regulated activity; are also insurance intermediaries; and/or are also limited permission consumer credit firms
•  all sole traders
• authorised professional firms whose only regulated activities are non-mainstream
• regulated activities
• oil & energy market participants (principal purpose – activities other than regulated activities & are not MiFID investment firms)
• service companies
• subsidiaries of local authorities or registered social landlords
• insurance intermediaries whose principal business is not insurance intermediation
• and who only have permission to carry on insurance distribution activity for
• non-investment insurance contracts
• authorised internally managed Alternative Investment Funds (AIFs)

Enhanced Firm

• Definitional Criteria
  • a firm that is a Significant IFPRU firm
  • a firm that is a Client Assets Sourcebook (CASS) Large firm
• Criteria Calculated on a Rolling Average
  • firms with Assets Under Management of £50 billion or more as a 3-year rolling average
  • firms with current total intermediary regulated business revenue of £35m+ per annum calculated as a 3-year rolling average
  • firms with annual revenue generated by regulated consumer credit lending of £100m or more calculated as a 3-year rolling average.
• Criteria Calculated as a Point in Time
  • mortgage lenders and administrators (that are not banks) with 10,000 or more regulated mortgages outstanding at the latest reporting date

FIRM TYPE

PR

Limited Scope Firm

SMF29 – Limited Scope Function*

Required Functions

SMF16 – Compliance Oversight*

SMF17 – Money Laundering Reporting Officer*

*The SMF’s that apply to a Limited Scope Firm depends on their permissions and activities. Refer to the FCA Handbook for further information.

No PRs apply to Limited Scope Firms

Core Firm

SMF1 – Chief Executive

SMF3 – Executive Director

SMF27 – Partner

SMF9 – Chair

Required Functions

SMF16 – Compliance Oversight

SMF17 – Money Laundering Reporting Officer

(b)  – Performance by the firm of its obligations under the Certification Regime

(b-1) – Performance by the firm of its obligations in respect of notifications and training of the Conduct Rules

(d) – Responsibility for the firm’s policies and procedures for countering the risk that the firm might be used to further financial crime

(z) – Responsibility for the firm’s compliance with CASS (if applicable)

(za) – Responsibility for an AFM’s assessments of value, independent director representation and acting in investors’ best interests (only applies to AFMs.)

Enhanced Firm

SMF1 – Chief Executive

SMF3 – Executive Director

SMF7 – Group Entity Senior Manager

SMF9 – Chair

SMF10 – Chair of the Risk Committee

SMF11 – Chair of the Audit Committee

SMF12 – Chair of the Remuneration Committee

SMF13 – Chair of the Nominations Committee

SMF14 – Senior Independent Director

SMF27 – Partner

Required Functions

SMF16 – Compliance Oversight

SMF17 – Money Laundering Reporting Officer

SMF18 – Other Overall Responsibility

Systems & Controls Functions

SMF2 – Chief Finance Function

SMF4 – Chief Risk Function

SMF5 – Head of Internal Audit

SMF24 – Chief Operations Function

(b) – Performance by the firm of its obligations under the Certification Regime

(b-1) – Performance by the firm of its obligations in respect of notifications and training of the Conduct Rules

(d) – Responsibility for the firm’s policies and procedures for countering the risk that the firm might be used to further financial crime

(z) – Responsibility for the firm’s compliance with CASS (if applicable)

(c) – Compliance with the rules relating to the firm’s Responsibilities Map

(j) – Safeguarding and overseeing the independence and performance of the internal audit function

(k) – Safeguarding & overseeing the independence & performance of the compliance

function

(l) – Safeguarding and overseeing the independence and performance of the risk function

(j-3) – Taking reasonable steps to ensure that every person involved in the performance of the service is independent from the persons who perform external audit (applicable where a firm outsources its internal audit function)

(t) – Developing and maintaining the firm’s business model

(s) – Managing the firm’s internal stress-tests and ensuring the accuracy and timeliness of information provided to the FCA for the purposes of stress-testing

(za) – Responsibility for an AFM’s assessments of value, independent director representation and acting in investors’ best interests (applies to AFMs only)