How are significant responsibilities apportioned in a firm according to SYSC 2?

In accordance with SYSC 2, significant responsibilities within a firm are apportioned among directors and senior management. This approach ensures that key positions, which are critical for the oversight and management of the firm, are held by individuals who possess the requisite skills and authority to make important decisions.

By distributing responsibilities at this level, firms can create a more effective governance structure that promotes accountability and mitigates risks. It also allows for a clear delineation of roles, ensuring that senior management and directors are actively engaged in the oversight of the firm's operations, compliance, and risk management practices.

This framework is essential for maintaining transparency and is aligned with regulatory standards aimed at protecting shareholders and other stakeholders by ensuring that those in leadership roles are both responsible and capable of managing the complexities of a financial firm. The balance of responsibility between directors and senior management is pivotal for operational effectiveness and adherence to regulatory expectations.