INDI 3.1.1 Controlled functions — firms' competence and fitness assessments

Before making an application to the Regulatory Authority for an individual to be approved to perform a controlled function, an authorised firm must be satisfied, on reasonable grounds after making appropriate inquiries, that the individual:

(a) has the competencies required to perform the function;
(b) is a fit and proper person to perform the function; and
(c) satisfies any additional requirements under these or any other Rules for the function.

Note Under FSR, article 41 (1) (Approval of persons performing controlled functions), an authorised firm must ensure that no individual performs a controlled function unless he or she is approved by the Regulatory Authority as an approved individual.

Derived from QFCRA RM/2014-5 (as from 1st January 2015)