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

No blurred lines of responsibility

Richard Nuttall: "Firms should not divide or share a particular prescribed responsibility unless there are exceptional circumstances as this can blur the lines of accountability."
Richard Nuttall: "Firms should not divide or share a particular prescribed responsibility unless there are exceptional circumstances as this can blur the lines of accountability."
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There are four 'prescribed responsibilities' (PRs) a firm must allocate to its senior managers, writes Richard Nuttall, although a fifth applies if the firm is authorised to hold client money/assets - that is, a 'CASS' firm.

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...

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