Regulatory Alerts2020-01-01
Fit and Proper Requirements for Licensed Financial Institutions in Fiji
The Reserve Bank of Fiji issued Banking Supervision Policy Statement No. 10 to establish minimum fitness and propriety standards for directors and senior management of licensed financial institutions. The policy mandates that institutions implement internal assessment frameworks evaluating good character, competence, and financial soundness, while requiring prior approval from the regulator for key appointments. It further outlines the Reserve Bank's authority to disqualify unfit individuals and impose sanctions on institutions that fail to comply with these governance and oversight requirements.
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