Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

FIT 2.3 Financial soundness

FIT 2.3.1GRP

In determining a person's financial soundness, the FCA 1 will have regard, and a firm3 should also have regard, 1to any factors including, but not limited to:

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  1. (1)

    whether the person has been the subject of any judgment debt or award, in the United Kingdom or elsewhere, that remains outstanding or was not satisfied within a reasonable period;

  2. (2)

    whether, in the United Kingdom or elsewhere, the person has made any arrangements with their2 creditors, filed for bankruptcy, had a bankruptcy petition served on them2, been adjudged bankrupt, been the subject of a bankruptcy restrictions order (including an interim bankruptcy restrictions order), offered a bankruptcy restrictions undertaking, had assets sequestrated, or been involved in proceedings relating to any of these.

FIT 2.3.2GRP

The FCA 1will not normally require a 1candidate to supply a statement of assets or liabilities. The fact that a person may be of limited financial means will not, in itself, affect their 1suitability to perform a controlled function. The FCA would expect a firm3 to take a similar view in assessing whether staff being assessed under FIT, are fit and proper.1

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