[59A Specifying functions as controlled functions: supplementary]
[59A Specifying functions as controlled functions: supplementary]

[(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).