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An audit committee could generally review management`s process to ensure the adequacy and effectiveness of systems and controls, review management`s arrangements to ensure compliance with regulatory system requirements and standards, monitor the functioning of the internal audit function (where applicable), and liaise between management and external auditors. It should have an appropriate number of non-executive directors and a formal mandate. They must also regularly review the effectiveness of the internal procedures put in place to meet regulatory requirements and take appropriate action to correct any deficiencies. A publication dealing with regulatory issues in the financial services sector The FCA requires a firm to share material responsibilities between its directors, senior officers or partners so that it is clear: obtain the prior and informed consent of lending clients to finance the operating costs of managing and administering their respective loans, for example, through higher commissions; and/or26 These guidelines only apply where the investment strategy or investment decision of the operator of a private pension scheme or the pension scheme operator concerned is likely to have a material impact on the investment returns of a client or policyholder concerned and concerns a product if: 14A UK AIFM must comply fully with the AIFM pay code. Taking those aspects into account would not entail a risk of significant financial damage to an investment concerned. all relevant persons outside the company and their respective roles, including outsourced service providers; This information must be clearly recorded and regularly updated. When companies decide to outsource work, the same rules apply. SYSC 4.1.1R, SYSC 4.1.1CR, SYSC 4.1.2R, SYSC 4.1.2AAR Depending on the size, nature and complexity of the business, it may be appropriate to establish an audit committee. An audit committee could: the steps that should be implemented under SYSC 4.1.8AR agreements so that company-supported P2P agreements can continue to be managed and administered; any clauses in the contracts that may need to be relied upon to ensure that P2P agreements facilitated by the contracts continue to be managed and administered under those agreements; and A 2110 management company shall establish, implement and maintain appropriate systems and procedures to ensure the security, integrity and confidentiality of information, taking into account the nature of the information concerned.

Overall responsibility rests with the Executive Director, Senior Partner or Principal.