Fit and Proper Test for Approved Persons
The Fit And Proper Test For Approved Persons
The Fit And Proper Test For Approved Persons determines whether or not an approved person is suitable (and whether they continue to remain suitable) to perform a controlled Fit and Proper function.
The FSA may withdraw its approval if it considers that the person in respect of whom the approval was given is not fit and proper to perform the controlled function to which the approval relates. This is why Fit and Proper procedures in this area are essential.
The rules contained within the Fit and Proper Test for Approved Persons sourcebook are High Level Standards and having a full understanding of them and what your obligations are, are therefore essential.
Having documented and updated Fit and Proper procedures for your firm can assist in demonstrating compliance.
We have produced a set of Fit And Proper Test Procedures detailing the FSA criteria to test if an approved person is considered fit and proper, together with examples where an approved person would be considered not fit and proper.
These Fit and Proper procedures will help you understand what is required but also demonstrate externally you are taking compliance seriously by researching and understanding your obligations in this area.
We have also produced separate documents to enhance the Fit and Proper procedures. These can be used either in association with the Fit and Proper procedures or on a stand-alone basis.
Record keeping and FSA notification events are also included to help you, where they are relevant.
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