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30 mar 2023 · The main elements to be considered when assessing F&P are: Honesty, integrity, and reputation. Competence and capability. Financial soundness. Firms should demonstrate that they are making regular, thorough and consistent assessments of the F&P of SMFs and Certification Staff.
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17 wrz 2020 · The FCA recently provided new SM&CR guidance for solo-regulated firms on Fitness and Propriety (”F&P”) assessments and Conduct Rules training. Here we summarise these updates and provide guidance on how to meet the regulators expectations.
The Financial Conduct Authority (“FCA”) has recently provided information to their regulated firms as to good and bad practice relating to, amongst other things, the carrying out of fitness and propriety (“F&P”) assessments. In this blog, Nick Ralph and Jill Lorimer explain what the new guidance is and consider the implications.
Ensure appropriate information feeds into the F&P process. Ensure processes are joined up and that an assessment is triggered in year if necessary. Ensure assessors are properly trained and know how to evaluate the information. Establish a framework to ensure that decisions are consistent and fair.
Enhance guidance on reassessments, with a special focus on anti-money laundering (AML) findings and ongoing proceedings. Clarification of process: (a) pre-screening phase; (b) Step 1 reassessment; and (c) Step 2 reassessment. Guidance on substance: introduction of a decision wheel to guide materiality and severity assessment.
n. The purpose of FIT is to set out and describe the criteria that: an SMCR firm should consider when: assessing the fitness and propriety of a candidate whom the firm is proposing to put forward for approval as an FCA-approved SMF manager;
