How to conduct a FIT assessment
December 2018
Annual assessment of personnel
The Senior Managers and Certification regime (SM&CR) was introduced in 2015 and has been in force for banks, building societies, credit unions and PRA-designated investment firms (Relevant Authorised Persons) since March 2016.
The implementation date for solo-regulated firms is 9 December 2019, subject to commencement regulations to be made by HM Treasury. The FCA also confirms a one-year transitional period for some aspects of the regime. However, the arrangements for Senior Managers and Certification Staff (except for the certification process) must be in place by 9 December 2019, and the Conduct Rules will apply from then to all Senior Managers and Certified Staff.
These new rules will increase the importance of the application of the Fit and Proper Test for Employees and Senior Personal. More onus will be placed on firms to undertake the tests