Richard Nuttall: SM&CR in plain English - 'prescribed responsibilities'

Please bear in mind that PRs apply to ‘core' firms only. They do not apply to ‘limited scope' firms, such as sole traders or limited permission consumer credit firms. Firms should decide which senior manager is the best person to hold each prescribed responsibility. This should be the person who has the required knowledge and competence to be responsible for that activity. The expectation is that each PR is allocated to only one person. In other words, firms should not divide or share a particular PR unless there are exceptional circumstances - for example, a job share - as this can b...