Completing Fit & Proper Assessments - A Guide for FCA Authorised Firms under SMCR

Introduction

The Senior Managers & Certification Regime embodies one of the biggest changes to financial services regulation in the past decade. As part of the new requirements, firms need to annually assess whether senior managers, non-executive directors and certification staff are fit and proper to do their jobs.

The FCA does not prescribe a particular test, but does describe the criteria that firms should consider. Those subject to the FIT rules need to be assessed on their honesty, integrity and reputation, their competence and capability and their financial soundness.

This webinar provides those who set procedures to evidence fitness ideas and information on how to comply. It is also perfect for those who are subject to the Fit and Proper Assessments.

What You Will Learn

This webinar will cover the following:

• Honesty and Integrity
• Practical definitions
• Requirements and standards of the regulatory system
• Evidencing honesty and integrity
• When things go wrong: how to notify your firm and rectification steps
• Recording the required information
• Competence and Capability
• Definitions and FCA requirements
• Measuring competence and capability
• Taking remedial action
• Financial Soundness
• What to look for
• Measuring financial soundness
• Taking action
• Compliance updates

This webinar was recorded on 8th August 2019