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  1. Point in time
    2006-04-06

SIFA 5.2 Who do the Principles apply to and what is their purpose?

SIFA 5.2.1G

The application and purpose of the Principles is as follows:

  • They apply to every firm. They are a general statement of the fundamental obligations of firms under the regulatory system.
  • They express what is meant by the fit and proper standard set for firms in the threshold conditions. Breaching the Principles may call into question whether a firm is still fit and proper.
  • They require a firm to pay due regard to the interests of its customers and treat them fairly.
  • They are also designed as a general statement of regulatory requirements that are to be applied in new or unforeseen situations (PRIN 1).