PRA Rulebook Glossary

Printed on: 01/07/2024

Rulebook at: 01/04/2013

Term

Definition

Letter: A

accountable functions

(1) (in the FCA Handbook and in relation to an approved person) the functions described in APER 1.1A.2 P, which are in summary:
(a) FCA controlled functions;
(b) PRA controlled functions; and
(c) any other functions in relation to the carrying on of a regulated activity;
in relation to the authorised persons in relation to which that person is an approved person.
(2) (in the PRA Handbook and in relation to an approved person) the functions described in APER 1.1B.2 P, which are in summary:
(a) PRA controlled functions;
(b) FCA controlled functions that are significant-influence functions; and
(c) any other significant-influence functions;
in relation to the PRA-authorised persons in relation to which that person is an approved person.
  • 01/04/2013

accountable significant-influence function

  • 01/04/2013

actuarial body

the Institute of Actuaries or theFaculty of Actuaries.
  • 01/12/2004

actuarial function

  • 01/04/2013

actuarial health insurance

(in the context of the rules in INSPRU 1.1 concerning the calculation of the general insurance capital requirement), health insurance which meets all the conditions set out in INSPRU 1.1.72 R .
  • 31/12/2006

actuarial investigation

an investigation to which IPRU-INS rule 9.4 applies.
  • 31/12/2004

actuarial valuation date

the date as at which the mathematical reserves are calculated.
  • 31/12/2006

administrative functions

(a) (in relation to managing investments):
(i) arranging settlement;
(ii) monitoring and processing corporate actions;
(iii) client account administration, liaison and reporting, including valuation and performance measurement;
(iv) ISA or CTF administration;
(v) investment trust savings scheme administration;
(b) (in relation to effecting or carrying out life policies):
(i) new business administration;
(ii) policy alterations including surrenders and policy loans;
(iii) preparing projections;
(iv) processing claims including pension payments;
(v) fund switching;
(c) (in relation to the operation of a stakeholder pension scheme):
(i) new business administration;
(ii) receipt of or alteration to contributions;
(iii) preparing projections and annual statements;
(iv) administration of transfers;
(v) handling claims, including pension payments;
(vi) fund allocation and switching.
  • 06/11/2008

apportionment and oversight function

FCA controlled function CF8 in Parts 1 and Part 2 of the table of FCA controlled functions, described more fully in SUP 10A.7.1 R .
  • 01/04/2013