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ARTICLE · 31 MARCH 2023

The Fit And Proper Test – What Does It Mean?

Herrington Carmichael LLP
Herrington Carmichael LLP
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Herrington Carmichael LLP

Herrington Carmichael LLP

The origins of the practice can be traced back over 180 years in Wokingham and 150 in Aldershot. It...

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All firms regulated or authorised under the Financial Services and Markets Act 2000 are subject to the Senior Management and Certification Regime (‘SM&CR').

United KingdomFinance and Banking
Nicola O'Dwyer
Nicola O'Dwyer
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All firms regulated or authorised under the Financial Services and Markets Act 2000 are subject to the Senior Management and Certification Regime ('SM&CR'). The SM&CR is applicable to all individuals who perform financial services roles, including members of governing bodies and employees with senior management function.

As part of the SM&CR, senior members and certification regime staff must meet the required standards of fitness and propriety as set out in the Financial Conduct Authority's ('FCA') Handbook.

The Fit and Proper Test

The Fit and Proper Test ('the Test') is comprised of three elements. These are:

  • Honesty, integrity and reputation,
  • Competence and capability; and,

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