Internal transfers and promotions: financial services

Updating authors: Nick Thorpe
Consultant editor: Michael Sholem, Macfarlanes

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)