The Group takes the opportunity to stress that it sees the statement of "fit and proper" principles as being of universal application in the provision of financial services and does not see it as confined to those areas where there are formal responsibilities and powers. It follows that there is the entitlement, when acquiring such responsibilities and powers in new areas of provision of financial services and applying the criterion, to take into consideration any evidence of past performance.
The fit and proper principles run right through the work of the insurance supervisor in the exercise of his statutory and implied functions.
The principles, which date back in public administration over very many years, have undergone some evolution in recent years. In the United Kingdom, both the Bank of England and the SIB have published guidance on how those institutions apply the principles in the course of their work under the Banking Act 1987 and the Financial Services Act 1986
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