Legal Affairs

Fitness and propriety re significant owner’s deadline 1 December 2021

Anyone who is a significant owner of a financial institution is required by Joint Standard 1 of 2020 to have in place procedures for assessing and attesting to fitness and propriety by 1 December 2021. This must thereafter be done on an annual basis and on written request by either Authority.

Liability insurance and joint retainer privilege

Professional Indemnity Insurance and aggregation of claims (UK)

FAIS debarment and what constitutes honesty and integrity

In order for a representative to be debarred, there must be non-compliance by the representative or the key individual of the financial services provider with, amongst other things, the “fit and proper” requirements of the FAIS Act.