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Internal transfers and promotions: financial services

Updating authors: Nick Thorpe and David Palmer
Consultant editor: Paul Ellison

Summary

  • If an internal transfer or promotion involves a person who has been approved to perform a senior management function, it may trigger a requirement for the firm to notify the Prudential Regulation Authority (PRA) and/or the Financial Conduct Authority (FCA) of the relevant changes. (See General notifications in respect of persons approved to perform senior management functions)
  • The requirement to maintain high levels of training and competence of employees extends to the situation where an employee is transferred or promoted internally. (See Training and competence)
  • The job descriptions of transferred or promoted employees must be accurate and must be kept up to date. (See Job descriptions)