Change to Fitness & Propriety Assessments

Published on: 24 March 2017

The Authority has changed the procedure it uses for police checks in fitness & propriety assessments under the Financial Services Act 2008, Collective Investment Schemes Act 2008 and Designated Businesses (Registration and Oversight) Act 2015.

With effect from 1 April 2017, the Authority is changing the method for assessments of individuals’ fitness & propriety. This affects those individuals proposed as:

key persons, directors or controllers of licenceholders under the Financial Services Act 2008;
directors or controllers of the governing body of a collective investment scheme under the Collective Investment Schemes Act 2008; or
specified persons registering under the Designated Businesses (Registration and Oversight) Act 2015.

In order for a licenceholder or licence applicant under the Financial Services Act 2008 to satisfy itself as to the integrity of an individual, the individual will be required to obtain, and show to the licenceholder / licence applicant, a criminal record check certificate (from a suitable checking body). Confirmation of this action will be part of the Declaration in the Personal Questionnaire.

In relation to incorporated designated businesses, the business must submit a Declaration to the Authority that the specified person appears to it to be fit and proper to the best of its knowledge and belief.

Further details of the procedures may be found on the Vetting Guidance (FSA08) or Registration (Designated Businesses) as appropriate.