Completing Fit & Proper Assessments - The Latest Update for FCA Authorised Firms under SMCR

Introduction

The Senior Managers & Certification Regime was one of the biggest changes to financial services regulation in recent times. As part of the 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 do describe the criteria that firms should consider.

Those subject to the FIT rules must 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
• Recent updates from the regulator
• 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 3rd September 2024

You can gain access to this webinar and 1,700+ others via the MBL Webinar Subscription. Please email webinarsubscription@mblseminars.com for more details.