Date-stamp loading
Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 10 January 2020 - onwards
  Version 3 of 3    

Regulation 58 Fit and proper test

(1) The registering authority must refuse to register an applicant for registration in a register maintained under regulation 54 as a money service business or as a trust or company service provider, if it is satisfied that -

(a) the applicant;

(b) an officer or manager of the applicant;

(c) a beneficial owner of the applicant; or

(d) where the applicant is a money service business -

(i) any agent used by the applicant for the purposes of its business; or

(ii) any officer, manager or beneficial owner of the agent, is not a fit and proper person to carry on that business.

(2) Where the FCA has decided to maintain a register of Annex I financial institutions under regulation 55, paragraph (1) applies in relation to those institutions as it applies to a money service business and a trust or company service provider.

(3) A person who has been convicted of a criminal offence listed in Schedule 3 is to be treated as not being a fit and proper person to carry on the business for the purposes

Comparing proposed amendment...