Prescribed Responsibilities (PRs) are a fixed set of accountability areas that FCA-regulated firms subject to SM&CR must allocate to named Senior Managers. The obligation to allocate every Prescribed Responsibility is absolute: unlike Statements of Responsibilities (which describe what a Senior Manager does), PRs define what the firm must ensure is owned. A firm cannot leave a PR unallocated.
What PRs cover
The FCA sets out the full list of Prescribed Responsibilities in SYSC 24 (for dual-regulated firms) and SYSC 26 (for solo-regulated firms). Common PRs include:
- Performance of the firm’s obligations under the Senior Managers Regime
- Performance of the firm’s obligations under the Certification Regime
- Compliance with the firm’s obligations under the Conduct Rules
- Responsibility for the firm’s financial crime framework (including for the MLRO function)
- Responsibility for the firm’s CASS (client assets) compliance where applicable
- Responsibility for the firm’s operational resilience
Each PR is allocated to a Senior Manager and documented in that individual’s Statement of Responsibilities. The allocation must reflect who genuinely owns and runs that area of the business; PRs cannot be assigned to a nominal holder without real accountability.
PS26/6 changes from April 2026
FCA Policy Statement PS26/6 made two significant changes to how PRs are managed:
Splitting. Firms may now split a PR among multiple SMFs where the firm’s governance structure makes this appropriate. Previously, each PR had to be held by a single named individual. Where a PR is split, each holder’s Statement of Responsibilities must clearly document their portion of the responsibility, and the rationale for the split should be documented.
Flexibility beyond standard examples. Firms can allocate PRs in ways that go beyond the standard examples listed in the rules, provided there is clear rationale. This allows the PR framework to better reflect the actual governance of more complex or unusual business models.
Both changes require the updated allocation to be reflected in each affected Senior Manager’s Statement of Responsibilities and, for Enhanced firms and dual-regulated firms, in the Management Responsibility Map.
For the full context of PS26/6’s SM&CR reforms, see our guide to SM&CR reform 2026.