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    2024-06-19

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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