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Systems and controls rules and guidance changes - mainly affecting mortgage and insurance intermediaries and IFAs

On 1 April 2009 changes to our Senior Management Arrangements, Systems and Controls sourcebook (SYSC) will come into force. 

The changes will mostly affect mortgage and insurance intermediaries and IFAs, although they apply to all firms not subject to the Markets in Financial Instruments or Capital Requirements Directives, except for insurers. 

Currently, mortgage and insurance intermediaries and IFAs are subject to SYSC 2 – senior management arrangements – and SYSC 3 – systems and controls.   

From 1 April 2009 we will  apply the 'common platform' (SYSC chapters 4 to 10) to these firms instead of  the requirements in SYSC chapters 2 and 3.   

This will mean some new requirements – such as on outsourcing and managing conflicts of interest – but apart from these, firms that comply with their existing provisions in SYSC 2 and 3 now will not need to change their behaviour when moving to the 'common platform'.

However, all firms should familiarise themselves with the changes and take action if necessary.   

We are making these changes in line with our move to principles-based regulation, creating one common set of high-level provisions for all firms for oversight and systems responsibilities, which can be applied flexibly and proportionately.

We have more information in our frequently asked questions

Page last updated: 04/04/13