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Status: You are viewing the version of the handbook as on 2009-03-31.

CRED 6.4 Assessing fitness and propriety

Purpose

CRED 6.4.1G

The purpose of this section is to set out and describe the criteria that the FSA will consider when assessing the fitness and propriety of a person in respect of whom an application is being made for approval to undertake a controlled function under the approved persons regime (SUP 10). The criteria specified here will also be used to assess the continuing fitness and propriety of persons who have already been approved.

Background

CRED 6.4.2G
  1. (1)

    FIT 1.2 explains that the FSA may grant an application for approval for a person to perform a controlled function only if it is satisfied that the candidate is fit and proper to perform the controlled function to which the application relates.

  2. (2)

    It also indicates that the FSA may withdraw its approval if it considers that an individual is no longer fit and proper to perform the controlled function to which the approval relates.

Assessing fitness and propriety

CRED 6.4.3G

FIT 1.3 explains that the FSA will have regard to a range of factors when assessing the fitness and propriety of a person to perform a particular controlled function, but that the most important criteria will be the person's:

  1. (1)

    honesty, integrity and reputation;

  2. (2)

    competence and capability; and

  3. (3)

    financial soundness.

CRED 6.4.4G

FIT 2.1-FIT 2.3 provide further details of the criteria referred to in CRED 6.4.3 G and the primary matters which FSA will take account in assessing them.