(NOTES) 1 Regulatory business plan
FCA
PSD Individual Notes
Release 7
May 2018
page 1
PSD Individual Form - Notes
Application Form for an individual responsible for the
management of a Payment Institution
Notes to help complete the PSD Individual Form for an individual responsible for
the management of a small Payment Institution (SPI) or authorised Payment
Institution (API).
More information on the factors which the FCA takes into account when considering
applications, is in the ’Assessing fitness and propriety‘ section, Chapter 3 (Authorisation and
Registration) of the Payment Services and Electronic Money -Our Approach Document .
When completing the application forms you will need to refer to the Handbook:
https://www.handbook.fca.org.uk/handbook/
If you need more help after reading these notes:
•
check our website
•
consult the Handbook:
https://www.handbook.fca.org.uk/handbook/
•
call the Customer Contact Centre: 0300 500 0597
•
email the Customer Contact Centre:
Firm.Queries@fca.org.uk
These notes are to help you. They do not replace the rules and guidance in the Handbook.
Purpose of this form
The following are examples of persons required to complete and submit a PSD Individual form:
•
all the members of the management board - for example, all the directors (if the
applicant is a company), or the members (if the applicant is an LLP)
•
all the management staff (except any who are not directly responsible for the
payment services activity, for example, we would not expect a procurement
manager whose responsibility is limited to sourcing and purchasing goods and
services for the applicant to seek approval as a PSD Individual)
•
all other persons with responsibility for the management of the firm’s payment
services
The firm is the applicant for the purposes of the PSD Individual form. The person whom the form is
about is the PSD Individual. This should be the name that is recorded on the front cover of the PSD
Individual Form (‘Name of individual‘).
Terms in these notes
These notes use the following terms:
•
'you' refers to the person(s) signing the form on behalf of the applicant firm
•
'the applicant firm' refers to the firm applying for authorisation
•
‘the FCA' ,'we', ‘us’ or 'our' refers to the Financial Conduct Authority
•
FSMA refers to the Financial Services and Markets Act 2000
1 (NOTES) Personal identification details
FCA
PSD Individual Notes
Release 7
May 2018
page 2
Important information
The PSD Individual form is of the utmost importance to our assessment of the fitness and propriety of
the individual.
You must send us all relevant information with the PSD Individual form. This applies even if:
•
you believe the information is, or may be, already known to the FCA, as a result of it
being in the public domain, or has been previously disclosed to us or to another
regulatory body
•
the information is considered to be immaterial
You should not assume that information is known to the FCA because it is in the public domain, or has
been previously disclosed to the FCA, or to another regulatory body. The applicant cannot assume
that the FCA will check its existing records in assessing this application in respect of (or for
information relating to) the applicant or persons connected to it. In all circumstances, disclosures
should be full, frank and unambiguous. If there is any doubt about the relevance of information, it
should be included; if in doubt, disclose it. The information supplied by the individual should be
verified by the firm making the application wherever possible. If the FCA's vetting checks reveal any
matters that have not been disclosed, applications will be delayed and, in some cases, may be
rejected.
We may require the applicant to provide further information at any time after receiving an application.
If the form is not fully and correctly completed, we may need to return it for proper completion. This
could significantly delay the FCA's decision.
The firm is responsible for the accuracy of the data and completion of the form.
If a firm has provided, or has information that reasonably suggests that it may have
provided, the FCA with information which was or has become false, misleading, incomplete
or inaccurate, in a material particular, it must notify the FCA immediately. Failure to notify
the FCA may result in a delay in processing, or rejection of, the application.
Key considerations for the firm and the individual
You should be aware that since the 21 July 2011, the law has changed. By virtue of the Rehabilitation
of Offenders Act 1974 (Exceptions) Order 1975 and the Rehabilitation of Offenders (Exceptions) Order
(Northern Ireland) 1979 as amended, if the individual is subject to the law of England, Wales or
Northern Ireland, they must disclose spent convictions and spent cautions. We have the ability to
require the disclosure of any spent convictions and cautions you have for the purpose of determining
whether the Applicant meets the conditions for Authorisation or Registration.
The principles for determining whether or not a conviction/caution is spent are set out in the
Rehabilitation of Offenders Act 1974 (Exceptions) Order 1975 and the Rehabilitation of Offenders
(Exceptions) Order (Northern Ireland) 1979 as amended.
The law relating to the rehabilitation of offenders is complex. You may wish to ask for legal help if
you consider that you have a conviction or caution that does not need to be disclosed because it is
spent and the law of England, Wales or Northern Ireland does not apply. If in doubt we would
suggest that you disclose any convictions or cautions.
The FCA processes personal data in line with the requirements of The General Data Protection
Regulation (EU) 2016/679 and the Data Protection Act 2018. For further information about the way
we use the personal data collected in this form, please read our privacy notice available on our
website:
www.fca.org.uk/privacy
.
1 (NOTES) Personal identification details
FCA
PSD Individual Notes
Release 7
May 2018
page 3
If at any time after an applicant has provided the FCA with any information and before the FCA has
determined the application there is, or there is likely to be, a material change affecting any matter
contained in that information or it becomes apparent to the applicant that the information is
incomplete or contains material inaccuracy, the applicant must provide the FCA with details of the
change, the complete information or a correction of the inaccuracy without undue delay or as soon as
the applicant is aware of such change.
We rely on the information contained in the PSD Individual form in making our assessment. It is very
important that the individual and the applicant (ie the applicant for authorised or registered PI status)
are aware of:
1. the factors which we take into account when considering the fitness and propriety of the
individual which are set out in the ‘Assessing reputation – fitness and propriety’ section in
Chapter 3 (Authorisation and Registration) of the Approach Document
2. these guidance notes. The applicant (ie the applicant for authorised or registered PI
status) and the PSD Individual should have read and understood these guidance notes
before completing the PSD Individual form
3. the fact that responsibility for the accuracy and completeness of the information supplied
rests with the PSD Individual and the firm. Seeking legal or compliance advice about how to
complete the PSD Individual form will not discharge that responsibility. In particular, if
advice is sought on whether a particular matter falls to be disclosed in Section 5 (‘Fitness
and propriety’), we will expect a disclosure to be made as the requirement for advice
indicates doubt on the matter. If there is doubt, disclose.
Contents of these notes
1 Personal identification details
4
2 Firm identical details
6
3 Arrangements
7
4 Employment history
8
5 Fitness and Propriety
9
6 Supplementary information
15
7 Declarations and signatures
16
1 (NOTES) Personal identification details
FCA
PSD Individual Notes
Release 7
May 2018
page 4
1
Personal identification details
If the individual has more than one previous name (surname or forenames),
passport number or nationality, or is known by any other names, provide
details in Section 6.
1.1 FCA Individual Reference Number (IRN) (if individual is already
registered with the FCA)
If the individual does not have an FCA Individual Reference Number (IRN) or
does not know it, include the name of the previous regulator and the
previous PSD Individual Reference Number, as applicable.
1.2 Title (eg Mr, Mrs, Ms, etc)
No additional notes
1.3 Surname
No additional notes
1.4 ALL forenames
No additional notes
1.5 Name commonly known by
If the individual is commonly known by a different name other than that
which appears on their passport or National Insurance card, then put this
name here. This may include, for example, a shortened version of their full
name or where they are known by a middle name or names given as a result
of naming conventions, whether for religious or other reasons. If the
individual has more than one alternative name, please give all other names
known by in Section 6.
1.6 Previous name
If the individual has changed their name (surname or forenames), for
example due to marriage, then please put this previous name in the box. If
the individual has more than one previous name, please provide details of all
the previous names in Section 6.
1.7 Date of name change (dd/mm/yyyy)
No additional notes
1.8 Gender
No additional notes
1.9 Date of birth (dd/mm/yyyy)
No additional notes
1.10 Place of birth
No additional notes
1 (NOTES) Personal identification details
FCA
PSD Individual Notes
Release 7
May 2018
page 5
1.11 National Insurance number or copy of passport (or equivalent)
No additional notes
1.12 Nationality
If the individual has more than one nationality, please provide details in
Section 6 as to all nationalities held and the reasons for this.
1.13/1.14 Private address
A full 3 year history for United Kingdom addresses must be given for the
individual. Any gaps must be fully explained or a statement provided in either
the address history or Section 6 of the form. If any gaps are as a result of the
individual being resident outside the UK, please state this and give details of
where the individual resided during this period. It is open to the individual to
provide a written statement if this is simpler, which should be attached to the
PSD Individual form.
2 (NOTES) Firm identification details
FCA
PSD Individual Notes
Release 7
May 2018
page 6
2
Firm identification details
2.1 Name of applicant firm (or individual if sole trader) making the
application
No additional notes
2.2 FCA Firm Reference Number (FRN)
No additional notes
2.3 Who should the FCA contact at the applicant firm in relation to this
application?
The firm must indicate a point of contact for any queries in connection with
the application and must provide a telephone contact number and email
address.
3 (NOTES) Arrangements
FCA
PSD Individual Notes
Release 7
May 2018
page 7
3
Arrangements
3.1 Details of position to be held by the PSD Individual
The firm must tick the box in 3.1 that most accurately describes the position
to be held by the individual.
3.2 Please attach the following (as applicable)
In most cases we expect to receive the individual’s employment contract.
Where this is not available, please supply another form of confirmation of
employment, such as a letter of appointment or offer for the role.
3.3 When is the individuals planned start date?
No additional notes
3.4 Does the role have an expected end date?
No additional notes
3.5 What are the individual’s key duties and responsibilities?
This should include a summary of the role as set out in the contract of
employment (or other job description), as well as information about any
specific projects or tasks which the individual anticipates being involved in.
4 (NOTES) Employment history and qualifications
FCA
PSD Individual Notes
Release 7
May 2018
page 8
4
Employment history and qualifications
Employment details
4.1 and 4.2
A full five-year employment history for the individual must be provided
including their current employment at the time of application, with all gaps
explained. If the record of employment does not go back five years, all
periods of education and unemployment must be indicated. Full details of any
periods of self-employment must be included.
Always give the address of the actual place of employment, rather than a
central head office.
If there are insufficient pages to provide all of an individual's employment
history, either add the information at Section 6 or photocopy page 7 and
attach the additional pages. Alternatively, further detail about past roles can
be provided in the individual’s CV, which we require under Question 4.3
’Regulatory body‘ in this context means the bodies listed in the notes to
Section 5 (overleaf).
State the position held by the individual and a brief explanation of his or her
duties. If the individual’s job title included the word ’director‘ but his or her
duties did not include those associated with the title of director, this should
be indicated.
The reason for leaving each employer must be given. If there were any
issues arising on leaving that could affect the Fitness and Propriety of the
individual, these must be fully explained in Section 6. We may contact
previous employers, and the omission of relevant details may result in
applications being delayed and, in some cases, possibly rejected.
4.3 Please attach an up-to-date CV containing details of education and
professional experience. This must include academic qualifications,
relevant training, the name and nature of all organisations for which
the individual works or has worked, and the nature and duration of
the functions performed. It should highlight any activities within the
scope of the position sought.
Where the individual has given only brief details about past employment
under question 4.1, the CV can be used as a means to expand and explain
past roles in detail.
4.4 Where applicable, please include information on the suitability
assessment carried out by the applicant. This should include details
of the result of any assessment of the suitability of the individual
performed by the applicant, such as relevant board minutes or
suitability assessment reports or other documents
Where the applicant firm has carried out a suitability assessment in relation
to the PSD Individual, please attach this. This could comprise a formal report
on the individual’s suitability for the role, or may include results of discrete
assessments carried out in relation to the individual, such as case studies
and records of interview performance.
5 (NOTES) Fitness and Propriety
FCA
PSD Individual Notes
Release 7
May 2018
page 9
5
Fitness and Propriety
Answer the question by ticking the relevant ‘yes’ or ‘no’ box. If the answer to
any of the questions is ‘yes’, give complete details in Section 6 and attach
relevant supporting documentation.
Terms used:
•
Criminal proceedings – includes any proceedings from the point at
which an individual or a firm is charged with a criminal offence to the
point at which sentence is given.
•
Conviction – includes any absolute or conditional discharge orders made
against the person concerned.
•
Judgement debt – a court judgment or order requiring a payment of
money to be made by the PSD Individual or by a firm at which the PSD
Individual previously held a position of significant influence.
•
Authorisation – includes any authorisation, licence, registration,
approval, notification, membership or relevant permission required to
carry on any activity. This need not be an activity regulated by the FCA
but applies to all activities requiring some kind of authorisation.
•
Position of responsibility – includes acting as a controller, director,
senior manager, managing member, designated member, partner
company secretary, or otherwise performing a role of similar influence or
responsibility.
•
Regulated activities – includes not only activities regulated by the FCA
under FSMA, but also the Payment Services Regulations 2017 and
Electronic Money Regulations 2011. It also includes activities regulated
by other regulatory bodies (see definition of regulatory body below)
•
Regulatory body – For the purposes of this form, a regulatory body
includes but is not limited to the following:
•
a self-regulatory organisation – including Investment Management
Regulatory Organisation (IMRO), Securities and Futures Agency
(SFA), Personal Investment Authority (PIA), Life Assurance and Unit
Trust Regulatory Organisation (LAUTRO), Financial Intermediaries,
Managers and Brokers Regulatory Association (FIMBRA), Association
of Futures Brokers and Dealers Limited (AFBD), The Securities
Association Limited (TSA);
•
a statutory body, including the Financial Conduct Authority (FCA),
Prudential Regulatory Authority (PRA), Financial Services Authority
(FSA), Securities and Investments Board (SIB), the Society of
Lloyd's, the Registry of Friendly Societies, the Friendly Societies
Commission, the Building Societies Commission, the Bank of
England, HMRC, the Treasury – Insurance Directorate (formerly the
DTI) and the recognised bodies
•
the National Crime Agency or the Serious Fraud Organisation (SFO)
or any police body
•
a designated professional body (a professional body designated by
the Treasury under section 326A of the Financial Services and
Markets Act 2000)
•
the equivalent of any of these regulatory bodies overseas.
5 (NOTES) Fitness and Propriety
FCA
PSD Individual Notes
Release 7
May 2018
page 10
Part A – Criminal proceedings
Questions 5.1 to 5.4 deal with any matters relating to criminal investigations
(any matters up to and including arrest up to the point of charge), criminal
proceedings (any matters from charge up to and including sentencing) and
criminal convictions.
Where the answer to any of the questions is ‘Yes’, full details must be
provided in Section 6 and on additional sheets attached to the PSD Individual
form where necessary. It is important that we have all the details relating to
the particular matter in the PSD Individual form. Complete and accurate
details should be provided even if the information is already known to the
FCA or it is in the public domain.
5.1 i Has the PSD Individual ever been convicted of any criminal
offence? (You should include any conviction of an offence for
which the PSD Individual received an absolute or conditional
discharge. You should include traffic offences only if they resulted
in a ban from driving or involved driving without insurance).
This question requires disclosure of any criminal convictions. They should be
disclosed even if the conviction was overseas. As stated in the form, you
should include any conviction of an offence for which the PSD Individual
received an absolute or conditional discharge.
ii Is the PSD Individual currently the subject of any pending criminal
investigation?
No additional notes
5.2 i Is the PSD Individual currently the subject of any proceedings
relating to any criminal offence?
This question requires disclosure of any criminal investigations that are
ongoing at the point at which the application form is completed. For
example, this might include where the individual has been interviewed about
a criminal offence or where their home or office has been searched. Any such
matters should be disclosed, even if the individual has not been arrested or
charged and, in their own view, is unlikely to be arrested or charged.
ii Has the PSD Individual ever been the subject of any proceedings
or investigations relating to any criminal offence?
No additional notes
iii Where such documents can be obtained, you must attach an
official certificate or equivalent document (such as evidence of
third party investigations and testimonies) detailing any criminal
matter or, where applicable, evidencing the absence of such
matters (eg a Disclosure and Barring Service (DBS) Certificate or
any other similar document).
No additional notes
5.3 Has any organisation entity at which the PSD Individual holds or
has held a position of responsibility ever been involved as a debtor
in insolvency or comparable proceedings?
No additional notes
5.4 If you have answered yes to any of the questions in Part A above,
please give full details in Section 6. Tick this box to confirm that
you have provided full details, including reason(s), date(s) and
duration as applicable.
No additional notes
5 (NOTES) Fitness and Propriety
FCA
PSD Individual Notes
Release 7
May 2018
page 11
Part B – Civil proceedings and administrative proceedings
This section relates to civil disputes and litigation, including those that have
resulted in the PSD Individual (or a firm at which they held a position of
significant responsibility) being required by the court to pay money to
someone.
The FCA will conduct credit checks.
5.5 Has the PSD Individual ever been:
i the subject of any civil or administrative investigations or
proceedings?
No additional notes
ii subject to civil or administrative decisions that were found against
them? (You should include, for example, injunctions and
employment tribunal proceedings.)
No additional notes
iii the subject of any civil or administrative enforcement
proceedings, sanctions or other enforcement decisions?
No additional notes
iv directly or indirectly involved in any investigation, enforcement
proceedings or sanctions by a supervisory authority?
No additional notes
5.6 Where such documents can be obtained, you must attach an
official certificate or equivalent document (such as evidence of
third party investigations and testimonies) detailing whether or
not the civil or administrative matters detailed above have
occurred in respect of the PSD individual.
No additional notes
5.7 Has the PSD Individual ever (tick all that apply)
i-iii;
These questions cover all circumstances in which anyone started bankruptcy
proceedings (or, in Scotland, called ‘sequestration’ of the individual’s estate)
in relation to the PSD Individual. It also includes circumstances where the
PSD Individual began such proceedings.
iv made any arrangements with creditors, for example a deed of
arrangement or an individual voluntary arrangement (or in
Scotland a trust deed);
This requires disclosure of any voluntary agreement which the individual has
already entered into with anyone to whom they owe money. This includes
informal arrangements with creditors, and debt consolidation services. This
could include where alternative mortgage arrangements have been made. It
could also include more formal arrangements such as an ‘individual voluntary
arrangement’ - whether or not these arrangements were entered into after
advice from a debt management adviser.
v had assets sequestrated; or
No additional notes
vi been involved in any proceeding relating to the above matters
even if such proceedings did not result in the making of any kind
of order or result in any kind of agreement?
It is irrelevant whether or not any of the matters in 5.7 i - v actually resulted
in the making of an order, they must still be disclosed.
5 (NOTES) Fitness and Propriety
FCA
PSD Individual Notes
Release 7
May 2018
page 12
5.8 Is the PSD Individual currently involved in any proceedings in
relation to any of the matters set out in Questions 5.7(i) – (vi)
above (you should include where the PSD Individual is in the
process of entering into any kind of agreement in favour of the
PSD Individual's creditors)?
This question requires disclosure of circumstances in which the individual has
a voluntary agreement with someone about paying off a debt or is in ongoing
bankruptcy proceedings. For example, this would include any ongoing
discussions with the mortgage lender and any discussions with creditors
about payments of debts.
5.9 Does the PSD Individual have any outstanding financial
obligations connected with regulated activities (including any
activities regulated by the FCA or any other regulatory body),
which the PSD Individual has carried on in the past?
This requires disclosure of any other historical financial matters which might
impact upon the current financial circumstances of the individual. For
example, claims for clawback being made by a former employer should be
disclosed here.
5.10 If you have answered yes to any of the questions in Part B above
please give full details in Section 6. Tick this box to confirm that
you have provided full details, including reason(s), date(s) and
duration as applicable as well as supporting documents.
No additional notes
Part C – Business and employment matters
These questions relate to roles the PSD Individual has previously performed,
whether that role was related to the provision of a regulated activity or not.
It should also be noted that these questions are not limited to previous
roles listed in Section 4 of the PSD Individual form. They matter whenever
they occurred, at any time. Relevant disclosures are expected, even if the
PSD Individual was not actually being paid a salary.
5.11 Has the PSD Individual ever been:
i dismissed;
ii asked to resign; or
iii suspended
from any profession, vocation, office, employment, position of
trust, fiduciary appointment or similar, whether or not
remunerated?
Do not include any redundancies or temporary roles which have come to an
end at the expiry of the employment contract.
5.12 Has the PSD Individual ever been:
i disqualified from acting as a director or similar position?
No additional notes
ii the subject of any proceedings of a disciplinary nature (whether
or not the proceedings resulted in any finding)?
This question includes where the proceedings or internal investigations by a
current or a previous employer have yet to be concluded.
5 (NOTES) Fitness and Propriety
FCA
PSD Individual Notes
Release 7
May 2018
page 13
iii the subject of any investigation which might lead to or might have
led to disciplinary proceedings?
This question includes where the proceedings or internal investigations by a
current or a previous employer have yet to be concluded.
iv notified of any potential proceedings of a disciplinary nature?
No additional notes
v the subject of any allegations of malpractice or misconduct in
connection with any business activities?
No additional notes
5.13 If you have answered yes to any of the questions in Part C above,
please give full details in Section 6. This at a minimum should
include the reason(s), date(s) and duration as applicable,
alongside supporting documents. Tick this box confirm that you
have provided full details:
No additional notes
In Section 6 of the form full details must be provided if there were any
issues that could affect the fitness and propriety of the individual that arose
when leaving an employer listed in Section 4.
Part D – Regulatory matters
These questions are not limited to activities regulated by the FCA and are not
limited to investigations by or matters involving a regulatory or industry
body.
Where there is a reference to a regulatory body in the question, this should
be interpreted widely. Answers should include, for example, activities
supervised by overseas financial regulators, or other types of regulators such
as government or statutory bodies( UK or overseas). If in doubt as to
whether something should be included in this section, the information should
be disclosed.
5.14 Has the PSD Individual ever:
i been refused, had revoked or terminated, any authorisation,
registration, membership or licence to carry out a trade, business
or a profession?
No additional notes
ii been excluded by a competent authority or public sector entity in
the financial services sector or by a professional body or
association (including, for example, any disbarment, dismissal or
expulsion)?
No additional notes
5.15 Has an assessment of reputation of the PSD individual (as a
person who directs the business of an institution) already been
conducted by another competent authority (either within or
outside of the financial sector)?
No additional notes
5.16 If you have answered yes to any of the questions in Part D above,
please give full details in Section 6. This at a minimum should
include the reason(s), date(s) and duration as applicable. Tick this
box confirm that you have provided full details with supporting
documents.
No additional notes
6 (NOTES) Supplementary information
FCA
PSD Individual Notes
Release 7
May 2018
page 14
6
Supplementary information
6.1 If there is any other information the individual or the firm
considers may be relevant to the application, it must be
included here.
Please also include here any additional information indicated in
previous sections of the Form.
If there is insufficient space, please continue on a separate sheet of
paper and clearly identify the section and question to which the
additional information relates.
This section provides space for any additional information. It should
be used to disclose additional information about ’yes‘ answers in
Section 5 of the Form. It should also be used for information which
is not the subject of a specific question in Section 5, but is relevant
to the consideration of fitness and propriety.
More information on the factors which the FCA takes into account
when considering applications is in the ’Assessing fitness and
propriety‘ section in Chapter 3 (Authorisation and Registration) of
Our Approach document entitled Payment Services and Electronic
Money – Our Approach. You can find this on the Payment Services
section of the FCA website:
www.fca.org.uk
Relevant documents must also be provided, such as evidence of the
settlements of County Court Judgments.
7 (NOTES) Declarations and signatures
FCA
PSD Individual Notes
Release 7
May 2018
page 15
7
Declarations and signatures
This section contains declarations which must be signed by both an
appropriate individual for the firm or applicant submitting the application and
the individual.
Signatures must not be dated more than 3 months prior to the date of
submission of the application.
The FCA considers that an appropriate individual would either be an
individual responsible for the management of a small or authorised Payment
Institution, or someone to whom the firm has delegated the authority to
notify the FCA.
If this authority has been delegated, the firm should keep records of those
individuals authorised to sign on behalf of the applicant (ie the applicant for
authorised or registered PI status).
Document Outline - Notes to help complete the PSD Individual Form for an individual responsible for the management of a small Payment Institution (SPI) or authorised Payment Institution (API).
- More information on the factors which the FCA takes into account when considering applications, is in the ’Assessing fitness and propriety‘ section, Chapter 3 (Authorisation and Registration) of the Payment Services and Electronic Money -Our Approach ...
- When completing the application forms you will need to refer to the Handbook: https://www.handbook.fca.org.uk/handbook/
- If you need more help after reading these notes:
- check our website
- consult the Handbook: https://www.handbook.fca.org.uk/handbook/
- call the Customer Contact Centre: 0300 500 0597
- email the Customer Contact Centre: Firm.Queries@fca.org.uk
- all the members of the management board - for example, all the directors (if the applicant is a company), or the members (if the applicant is an LLP)
- all the management staff (except any who are not directly responsible for the payment services activity, for example, we would not expect a procurement manager whose responsibility is limited to sourcing and purchasing goods and services for the app...
- all other persons with responsibility for the management of the firm’s payment services
- you believe the information is, or may be, already known to the FCA, as a result of it being in the public domain, or has been previously disclosed to us or to another regulatory body
- the information is considered to be immaterial
- 1. the factors which we take into account when considering the fitness and propriety of the individual which are set out in the ‘Assessing reputation – fitness and propriety’ section in Chapter 3 (Authorisation and Registration) of the Approach Document
- 2. these guidance notes. The applicant (ie the applicant for authorised or registered PI status) and the PSD Individual should have read and understood these guidance notes before completing the PSD Individual form
- 3. the fact that responsibility for the accuracy and completeness of the information supplied rests with the PSD Individual and the firm. Seeking legal or compliance advice about how to complete the PSD Individual form will not discharge that responsi...
- 1.1 FCA Individual Reference Number (IRN) (if individual is already registered with the FCA)
- 1.2 Title (eg Mr, Mrs, Ms, etc)
- 1.3 Surname
- 1.4 ALL forenames
- 1.5 Name commonly known by
- 1.6 Previous name
- 1.7 Date of name change (dd/mm/yyyy)
- 1.8 Gender
- 1.9 Date of birth (dd/mm/yyyy)
- 1.10 Place of birth
- 1.11 National Insurance number or copy of passport (or equivalent)
- 1.12 Nationality
- 1.13/1.14 Private address
- 2.1 Name of applicant firm (or individual if sole trader) making the application
- 2.2 FCA Firm Reference Number (FRN)
- 2.3 Who should the FCA contact at the applicant firm in relation to this application?
- 3.1 Details of position to be held by the PSD Individual
- 3.2 Please attach the following (as applicable)
- 3.3 When is the individuals planned start date?
- 3.4 Does the role have an expected end date?
- 3.5 What are the individual’s key duties and responsibilities?
- 4.1 and 4.2
- 4.3 Please attach an up-to-date CV containing details of education and professional experience. This must include academic qualifications, relevant training, the name and nature of all organisations for which the individual works or has worked, and...
- 4.4 Where applicable, please include information on the suitability assessment carried out by the applicant. This should include details of the result of any assessment of the suitability of the individual performed by the applicant, such as relevan...
- Part A – Criminal proceedings
- 5.1 i Has the PSD Individual ever been convicted of any criminal offence? (You should include any conviction of an offence for which the PSD Individual received an absolute or conditional discharge. You should include traffic offences only if they re...
- ii Is the PSD Individual currently the subject of any pending criminal investigation?
- 5.2 i Is the PSD Individual currently the subject of any proceedings relating to any criminal offence?
- ii Has the PSD Individual ever been the subject of any proceedings or investigations relating to any criminal offence?
- iii Where such documents can be obtained, you must attach an official certificate or equivalent document (such as evidence of third party investigations and testimonies) detailing any criminal matter or, where applicable, evidencing the absence of su...
- 5.3 Has any organisation entity at which the PSD Individual holds or has held a position of responsibility ever been involved as a debtor in insolvency or comparable proceedings?
- 5.4 If you have answered yes to any of the questions in Part A above, please give full details in Section 6. Tick this box to confirm that you have provided full details, including reason(s), date(s) and duration as applicable.
- Part B – Civil proceedings and administrative proceedings
- 5.5 Has the PSD Individual ever been:
- i the subject of any civil or administrative investigations or proceedings?
- No additional notes
- ii subject to civil or administrative decisions that were found against them? (You should include, for example, injunctions and employment tribunal proceedings.)
- No additional notes
- iii the subject of any civil or administrative enforcement proceedings, sanctions or other enforcement decisions?
- No additional notes
- iv directly or indirectly involved in any investigation, enforcement proceedings or sanctions by a supervisory authority?
- No additional notes
- 5.6 Where such documents can be obtained, you must attach an official certificate or equivalent document (such as evidence of third party investigations and testimonies) detailing whether or not the civil or administrative matters detailed above have...
- 5.7 Has the PSD Individual ever (tick all that apply)
- i-iii;
- iv made any arrangements with creditors, for example a deed of arrangement or an individual voluntary arrangement (or in Scotland a trust deed);
- v had assets sequestrated; or
- vi been involved in any proceeding relating to the above matters even if such proceedings did not result in the making of any kind of order or result in any kind of agreement?
- 5.8 Is the PSD Individual currently involved in any proceedings in relation to any of the matters set out in Questions 5.7(i) – (vi) above (you should include where the PSD Individual is in the process of entering into any kind of agreement in favour ...
- 5.9 Does the PSD Individual have any outstanding financial obligations connected with regulated activities (including any activities regulated by the FCA or any other regulatory body), which the PSD Individual has carried on in the past?
- 5.10 If you have answered yes to any of the questions in Part B above please give full details in Section 6. Tick this box to confirm that you have provided full details, including reason(s), date(s) and duration as applicable as well as supporting do...
- Part C – Business and employment matters
- 5.11 Has the PSD Individual ever been:
- i dismissed;
- ii asked to resign; or
- iii suspended
- from any profession, vocation, office, employment, position of trust, fiduciary appointment or similar, whether or not remunerated?
- 5.12 Has the PSD Individual ever been:
- i disqualified from acting as a director or similar position?
- ii the subject of any proceedings of a disciplinary nature (whether or not the proceedings resulted in any finding)?
- iii the subject of any investigation which might lead to or might have led to disciplinary proceedings?
- iv notified of any potential proceedings of a disciplinary nature?
- v the subject of any allegations of malpractice or misconduct in connection with any business activities?
- 5.13 If you have answered yes to any of the questions in Part C above, please give full details in Section 6. This at a minimum should include the reason(s), date(s) and duration as applicable, alongside supporting documents. Tick this box confirm tha...
- Part D – Regulatory matters
- 5.14 Has the PSD Individual ever:
- i been refused, had revoked or terminated, any authorisation, registration, membership or licence to carry out a trade, business or a profession?
- ii been excluded by a competent authority or public sector entity in the financial services sector or by a professional body or association (including, for example, any disbarment, dismissal or expulsion)?
- 5.15 Has an assessment of reputation of the PSD individual (as a person who directs the business of an institution) already been conducted by another competent authority (either within or outside of the financial sector)?
- 5.16 If you have answered yes to any of the questions in Part D above, please give full details in Section 6. This at a minimum should include the reason(s), date(s) and duration as applicable. Tick this box confirm that you have provided full details...
- 6.1 If there is any other information the individual or the firm considers may be relevant to the application, it must be included here.
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