Monday 14th October 2019
Twitter Facebook Twitter LinkedIn RSS

Comsure operates in:the UK, Jersey, Guernsey

Guernsey GFSC test for Fit and Proper Persons – meeting the criteria

Concerning a Fit and Proper Person test Guernsey the GFSC state the following……

All individuals in prescribed positions (as defined in Commission guidance elsewhere) are required under the Regulatory Laws in Guernsey to meet the “Fit and Proper” standard, set out in the relevant Minimum Criteria for Licensing (“MCL”), from the outset, and on an ongoing basis.

This guidance is for individuals who are, or intending, to hold one of these positions or the entities looking to employ them.

What does “Fit and Proper” mean?

  • This is the term used to summarise the standards that an individual being appointed to, or holding, a prescribed position needs to demonstrate.
  • Each of the Regulatory Laws requires us to have regard to certain matters when it comes to an individual looking to hold a prescribed position, as well as permitting us to take into account the previous conduct and activities of that individual.
  • Whether an individual is “Fit and Proper” will contribute to how the proposed or current licensee meets the relevant MCL.

How is this measured? We will consider each individual application in the whole, but will focus on a number of key points such as the individual’s:

  • Competence, considering their skills, knowledge, capability and expertise:

o Has the individual demonstrated by experience, professional qualifications and/or relevant training that they are suitable to perform the role?

o Does the individual understand the structure, purpose and risks associated with the business model?

o Does the individual understand the regulatory obligations associated with holding that prescribed position?

o Has the individual sufficient time (taking into account existing commitments) and skills to perform the role and to meet their responsibilities?

  • Probity, considering their integrity1, honesty and reputation:

o Will the individual act in an honest, fair, diligent and independent-minded fashion in carrying out the proposed role? Will this include ensuring the good reputation of the Bailiwick, including avoiding or mitigating conflicts of interest?

o Has the individual demonstrated that he or she will act in the interests of the entity and will not act in their own self-interest, and will fulfil all their relevant duties?

o Has the individual been convicted of any of the offences set out under section 13 of the Online Personal Questionnaire?

o Are there any pending cases against him or her?

Read more here


1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

WP Facebook Auto Publish Powered By : XYZScripts.com