Related provisions for LR 11.1.1B
1Table: Situations to which FIT applies
What FIT applies to |
Does it apply to SMCR firms2? |
Does it apply to firms that are not SMCR firms2? |
Comment |
(1) A firm assessing the fitness and propriety of a candidate whom the firm is proposing to put forward for approval |
Yes |
No |
However, the answer to Question 11 in SUP 10A Annex 1 (Frequently asked questions) says that the FCA's approval process is not a substitute for the checks that a firm should be carrying out on its prospective recruits. FIT may be a useful guide to matters that a firm that is not an SMCR firm2 should take into account. |
(2) A firm assessing the continuing fitness and propriety of an approved person |
Yes |
No |
However, a firm should employ personnel with the skills, knowledge and expertise necessary for the discharge of the responsibilities allocated to them (SYSC 5.1). FIT may be a useful guide to matters which a firm should take into account if it is not an SMCR firm2. |
(3) The FCA assessing the fitness and propriety of a candidate for approval as an approved person |
Yes |
Yes |
|
(4) The FCA assessing the continuing fitness and propriety of an approved person |
Yes |
Yes |
|
1(5) A firm assessing the fitness and propriety of a person whom a firm is proposing to certify to perform an FCA certification function2 |
Yes |
No |
FCA certification functions do not apply to a firm that is not an SMCR firm.2 However, see the comment on row (2).2 |
1(6) A firm assessing the continuing fitness and propriety of a person whom a firm has certified to perform an FCA certification function2 |
Yes |
No |
FCA certification functions do not apply to a firm that is not an SMCR firm.2 However, see the comment on row (2).2 |