The following Financial Services guidance note provides comprehensive and up to date legal information covering:
For guidance on the PRA approval process, see Practice Note: Application for approval as a PRA-designated Senior Management Function.
Performance of a PRA-designated Senior Management Function (SMF) requires pre-approval by the PRA. To obtain approval a person must meet and maintain the criteria for approval (the fit and proper test (FIT)).
For further detailed guidance on SMFs, see Practice Note Prudential Regulation Authority—controlled functions (pre-SM&CR) and for guidance on the Statements of Principle and Code of Conduct see Practice Note: Prudential Regulation Authority—Statements of Principle and Code of Practice.
FIT sets out and describes the criteria used by the PRA to determine if someone is suitable for approval.
The PRA Rulebook rules in Fitness and Propriety state that when deciding whether a person is fit and proper, a firm must be satisfied that the person has the appropriate qualifications, training, competence and the personal characteristics needed to perform his or her function effectively and in accordance with any relevant requirements, and to enable sound and prudent management of the firm. The PRA only grants applications for approval where it believes that candidates are fit and proper to perform the controlled functions they intend to carry out. When deciding whether a person is fit and proper, the PRA considers, among other things, whether they:
have obtained a qualification
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