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You are viewing the version of the document as on 2023-05-18.

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SYSC 28A.2 Good repute

Good repute requirements

SYSC 28A.2.1 R

1A firm must ensure that all the persons in its management structure and any staff directly involved in the activities specified in SYSC 28A.1.1R are of good repute.

SYSC 28A.2.2 G

1This includes but is not limited to those natural persons:

  1. (1)

    that are directly involved in the activities specified in SYSC 28A.1.1R; or

  2. (2)

    within the management structure responsible for the activities specified in SYSC 28A.1.1R; or

  3. (3)

    within the management structure responsible for any staff directly involved in the activities specified in SYSC 28A.1.1R.

SYSC 28A.2.3 R

1In considering a person’s repute the firm must at a minimum ensure that the person:

  1. (1)

    has a clean criminal record or any other national equivalent in relation to serious criminal offences linked to crimes against property or other crimes related to financial activities; and

  2. (2)

    has not previously been declared bankrupt,

unless they have been rehabilitated in accordance with national law.

SYSC 28A.2.4 G
  1. (1)

    1In the United Kingdom the following persons will be considered to have been rehabilitated:

    1. (a)

      in relation to a serious criminal offence, where the conviction is considered ‘spent’ under the Rehabilitation of Offenders Act 1974;

    2. (b)

      in relation to bankruptcy, where the bankruptcy has been discharged.

  2. (2)

    References to “serious criminal offences” are not restricted to offences considered to have been committed in or under the law of the United Kingdom.

  3. (3)

    A firm should give particular consideration to offences of dishonesty, fraud, financial crime or other offences under legislation relating to banking and financial services, companies, insurance and consumer protection.

SYSC 28A.2.5 G

1A firm’s systems and controls should enable it to satisfy itself of the suitability of anyone who acts for it (see SYSC 5.1.2G). This includes, among other things, the assessment of an individual’s honesty.

SYSC 28A.3 Record keeping requirements

Record keeping requirements

SYSC 28A.3.1 R

1A firm must:

  1. (1)

    establish, maintain and keep appropriate records to demonstrate compliance with this chapter; and

  2. (2)

    be in a position to provide to the FCA, on request, the name of the person responsible for the record-keeping requirement in (1).

SYSC 28A.3.2 R R

1A firm must not prevent any person from obtaining a copy of the records relating to them which are maintained by the firm for the purposes of SYSC 28A.3.1R.

SYSC 28A.3.3 G

1The rules specified in SYSC 28A.3.1R relate to the requirements specified in SYSC 5.1.1R, SYSC 9.1.1R and SYSC 10.1.6R.