Regulatory Alerts2026-04-10
Added · Updated
Guidance on the Standards of Fitness and Probity
This guidance consolidates and replaces previous fitness and probity documents, establishing expectations for regulated firms regarding the assessment of individuals in Controlled Functions (CFs) and Pre-Approval Controlled Functions (PCFs). It mandates that firms conduct thorough due diligence and maintain ongoing certification to ensure individuals meet standards of competence, integrity, and financial soundness. The document specifies requirements for identifying CF and PCF populations, managing conflicts of interest, and addressing collective suitability and diversity within management boards.
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