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  • Competency

    • FP-1.3.6

      Licensees must consider a person’s level of knowledge, skills and experience to assess competency. A person is deemed not competent, as required under the criteria in FP-1.3.1 (c), if he does not meet the qualifications, experience, skills or other competency standards set by the licensee. The criteria must consider the following:

      (a) Suitable academic and/or professional qualifications and/or other certifications;
      (b) Expertise or past experience having regard to the nature of the role; and
      (c) The ability to manage and supervise the operations that fall under his responsibilities.
      Added: March 2025

    • FP-1.3.7

      Licensees should ensure that the competency standards for all management positions whether senior or otherwise consider the following:

      (a) The necessary academic, professional or industry qualifications and certifications;
      (b) Knowledge about the industry /business segment/ financial products or the operations or control activity as may be relevant to the job role;
      (c) Sufficiency of industry and management experience (where applicable);
      (d) Understanding of the regulatory framework, including the laws, regulations and associated codes governing the industry sectors; and
      (e) Knowledge and expertise for the tasks relevant to the job role.
      Added: March 2025

    • FP-1.3.8

      The licensees’ competency standards for the CEO and senior management functions must consider:

      (a) Suitable academic and/or professional qualifications and/or other certifications;
      (b) Experience of working in financial services and other occupations including sufficient experience in a managerial capacity (taking into account the functions performed in previous employment and the nature, scale and complexity of the businesses in which the individual was employed);

      (c) Sufficiency of the level of knowledge, for example, of:

      i. Financial markets
      ii. Strategic and business planning
      iii. Risk management
      iv. Governance, compliance oversight and controls
      v. Financial reporting
      vi. Regulatory framework and requirements;

      (d) Skillsets:

      i. Technical/analytical/business skills etc.
      ii. Leadership/management skills.
      Added: March 2025

    • FP-1.3.9

      Persons appointed as directors must have:

      (a) Suitable academic and/or professional qualifications and/or other certifications;
      (b) Sufficient knowledge and experience to demonstrate sound business decision-making ability to challenge senior management;
      (c) A good understanding of the industry and the regulatory environment;
      (d) Experience in governance and oversight; and
      (e) The ability to commit sufficient time to the role, given other commitments.
      Added: March 2025

    • FP-1.3.10

      Licensees must conduct comprehensive due diligence to satisfy themselves that persons being considered for appointment meet their fit and proper criteria and the CBB requirements in this Module.

      Added: March 2025

    • FP-1.3.11

      Licensees must maintain adequate documentation of due diligence and checks.

      Added: March 2025

    • FP-1.3.12

      Due diligence and screening checks should consider reference checks, discussions with past employers, review of CVs, interview process, certificates and proof of credentials, reputation, brand and profile of past employers, police verifications where appropriate, credit scores or credit registry checks, LinkedIn profile checks, etc. and self-declarations.

      Added: March 2025