As set out in SUP10C.11, all Senior Managers must have a “Statement of Responsibilities” (“SoR”). The Statement of Responsibilities should be a single document, which sets out clearly the role and responsibilities of the individual and the areas for which he/she is accountable.
Statements of Responsibilities should be clear and easy to understand. They should describe a Senior Manager’s responsibilities and accountabilities but should avoid going into unnecessary detail. They should be self-contained documents and should not refer to, or incorporate by reference, other documents.
Statements of Responsibilities must be produced on a per-entity basis. As such, Senior Managers who work for multiple entities will have more than one Statement of Responsibilities. However, a Senior Manager who has been assigned multiple Senior Management Functions within a single entity need have only one Statement of Responsibilities.
A Statement of Responsibilities must be submitted to the FCA when applying for approval for a new Senior Manager and also when there is a material change to the responsibilities of an existing senior manager (for example, where the Senior Manager in question has been allocated an additional Prescribed Responsibility, or a Prescribed Responsibility has been taken away from the Senior Manager). The Senior Manager is responsible for keep his/her own Statement of Responsibilities up-to-date.
The FCA has produced a template Statement of Responsibilities which firms can use.
