[(1) The FCA must—
(a) keep under review the exercise of its power under section 59(3)(a) to specify any [senior management] function as a controlled function, and
(b) exercise that power in a way that it considers will minimise the likelihood that approvals fall to be given by both the FCA and the PRA in respect of the performance by a person of [senior management] functions in relation to the carrying on of a regulated activity by the same PRA-authorised person.
(2) The FCA and the PRA must each consult the other before exercising any power under section 59(3)(a).
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