INDI 3.3.1 Regulatory Authority withdrawal of approval

The Regulatory Authority may withdraw the approval of an individual to perform a controlled function in any of the following circumstances:

(a) the authority has determined that the individual is no longer a fit and proper person in relation to the function;
(b) the authority considers that the individual no longer has the relevant competencies;
(c) the authority considers that the individual's performance of the function has fallen below the standard at which a reasonable person having the necessary skills, knowledge and experience would be expected to perform the function.

Note If the authority has permitted an approved individual to perform 2 or more controlled functions for an authorised firm, the authority may direct the firm to stop combining the functions, or to appoint another approved individual to perform 1 of them (see CTRL, rule 5.1.1 (5)).

Derived from QFCRA RM/2014-5 (as from 1st January 2015)
Amended by QFCRA RM/2021-1 (as from 1st July 2021)