The FCA has published a modification by consent to SYSC 22.2.1R. The modification applies to a firm that is receiving employees from another part of their group who are being transferred as part of a ring-fencing transfer scheme under section 106B of the Financial Services and Markets Act 2000 (FSMA).
The modification by consent is only available where:
- an individual is transferring between two firms in the same group; and
- there has been no significant change in the individual’s responsibilities; and
- the individual is transferring as part of a ring-fencing transfer scheme under section 106B of FSMA.
The modification by consent will enable a firm not to obtain a regulatory reference when either:
- permitting or appointing an individual to perform an FCA controlled function or a PRA controlled function; or
- issuing a certificate under the certification regime for an individual in relation to a specified significant-harm function.
View Modification by consent: SYSC 22.2.1R, 7 February 2018
