Fitness and Propriety Assessments – updated documents from 1 March 2022

On 1 March 2022 the Authority will publish its updated version of the Regulatory Guidance – Fitness and Propriety. The most significant change in this document concerns the controlled functions of R16 (Deputy MLRO), R18 (Senior Manager with Significant Influence) and R20 (Head of Operations) which will become ‘notified only’ appointments.

The F&P1 and F&P2 forms will be updated to reflect these changes and will be published on 1 March 2022 with the updated Regulatory Guidance.

Any F&P1 forms for these roles received prior to 1 March 2022 will be processed under the current notified & accepted framework. Any forms received on or after 1 March 2022 will be treated as notified only appointments regardless of the F&P form submitted.

This press release is relevant to all persons that are licensed, authorised or registered under the Financial Services Act 2008, Insurance Act 2008, Retirement Benefits Schemes Act 2000 or that have responsibility for collective investment schemes under the Collective Investment Schemes Act 2008.