FIT 1
General
FIT 1.1
Application and purpose
- 01/12/2004
FIT 1.1.1
See Notes
FIT applies to:
(1) a firm;
(2) an applicant for Part 4A permission;
(3) and EEA firm, a Treaty firm or a UCITS qualifier that wishes to establish a branch into the United Kingdom using EEA rights, Treaty rights or UCITS directive rights (see SUP 10A.1.10 G and SUP 10B.1.10 G and SUP 10A.1.11 R and SUP 10B.1.11 R) , or apply for a top-up permission (see SUP 10A.1.13 R SUP 10B.1.12 R );
(4) an approved person; and
(5) a candidate.
- 01/04/2013
FIT 1.1.2
See Notes
The purpose of FIT is to set out and describe the criteria that the appropriate regulator will consider when assessing the fitness and propriety of a candidate for a controlled function (see generally SUP 10A and SUP 10B on approved persons). The criteria are also relevant in assessing the continuing fitness and propriety of approved persons.
- 01/04/2013
FIT 1.2
Introduction
- 01/12/2004
FIT 1.2.1
See Notes
Under section 61(1) of the Act (Determination of applications), the appropriate regulator may grant an application for approval made under section 60 (Applications for approval) only if it is satisfied that the candidate is fit and proper to perform the controlled function to which the application relates.
- 01/04/2013
FIT 1.2.3B
See Notes
Under section 63(1A) of the Act (Withdrawal of approval), the PRA may withdraw an approval under section 59 in relation to the performance by a person ("A") of a function if: (a) the PRA gave the approval, or the FCA gave the approval and the function is a significant influence function performed in relation to the carrying on by a PRA-authorised person of a regulated activity; and (b) the PRA considers that A is not a fit and proper person to perform the function.
- 01/04/2013
FIT 1.2.4
See Notes
The Act does not prescribe the matters which the appropriate regulator should take into account when determining fitness and propriety. However, section 61(2) states that the appropriate regulator may have regard (among other things) to whether the candidate or approved person is competent to carry out a controlled function.
- 01/04/2013
FIT 1.3
Assessing fitness and propriety
- 01/12/2004
FIT 1.3.1
See Notes
The appropriate regulator will have regard to a number of factors when assessing the fitness and propriety of a person to perform a particular controlled function. The most important considerations will be the person's:
(1) honesty, integrity and reputation;
(2) competence and capability; and
(3) financial soundness.
- 01/04/2013
FIT 1.3.2
See Notes
In assessing fitness and propriety, the appropriate regulator will also take account of the activities of the firm for which the controlled function is or is to be performed, the permission held by that firm and the markets within which it operates.
- 01/04/2013
FIT 1.3.3
See Notes
The criteria listed in FIT 2.1 to FIT 2.3 are guidance and will be applied in general terms when the appropriate regulator is determining a person's fitness and propriety. It would be impossible to produce a definitive list of all the matters which would be relevant to a particular determination.
- 01/04/2013
FIT 1.3.4
See Notes
If a matter comes to the appropriate regulator's attention which suggests that the person might not be fit and proper, the appropriate regulator will take into account how relevant and how important it is.
- 01/04/2013
FIT 1.3.5
See Notes
During the application process, the appropriate regulator may discuss the assessment of the candidate's fitness and propriety informally with the firm making the application and may retain any notes of those discussions.
- 01/04/2013