Firms must be satisfied that these staff are fit and proper prior to FCA approval (where applicable). Once approved and in their post, the firm must complete Fit and Proper assessments on an on-going basis, at least annually.
Firms must consider the on-going training and development needs of their staff and ensure they can effectively carry out their responsibilities. They should also ensure staff can evidence a clear understanding to their regulatory obligations as set out in the Conduct Rules.
The FIT Handbook does not prescribe specific tests or rules, however, in the FCA’s view, the most important considerations will be the person’s:
- Honesty, Integrity and Reputation
- Competence and Capability
- Financial Soundness
For further guidance on the main assessment criteria above, please refer to the FIT Handbook here.