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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 August 2013 - onwards
  Version 2 of 2    

31A. Provisions supplementary to section 31 applicable to retail credit and home reversion firms.

For the purposes of section 31(2)(b), in order to obtain and retain authorisation, a person proposing to carry on, or carrying on, regulated business shall satisfy the Bank -

(a) that, where applicable, its memorandum and articles of association will enable it to operate in accordance with this Act, and any condition or requirement that the Bank may impose,

(b) as to the probity and competence of the person or (where it is a firm) of each of the firm's directors and managers,

(c) as to the suitability of the person or (where it is a firm) of each of the firm's qualifying shareholders or partners,

(d) as to the organisational structure and management skills of the person and that adequate levels of staff and expertise will be employed to carry out its activities,

(e) that the person has and will follow procedures that will enable the Bank to be supplied with all information necessary for the performance of the Bank's supervisory functions and to enable the public to be supplied with inf

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