Directors
FP-1.4.1
A licensee must establish appropriate induction and ongoing training and continuing professional development (‘CPD’) arrangements to educate the directors on topics of relevance to the licensee’s business, the industry and compliance obligations.
Added: March 2025FP-1.4.2
Directors of the licensee have a key role in ensuring the licensee remains solvent, in safeguarding the interests of the licensee’s customers and counterparts and, more broadly, in setting the standards that help promote financial stability and soundness. Accordingly, the licensee’s directors should keep abreast of developments in the industry, the emerging risks and trends and on matters that help them fulfil their roles. Given the broad nature of their role, board training plans should be aligned to the training needs of the individual directors. Such programmes may include providing the directors with a detailed overview and risk profile of the institution’s significant or new business lines and periodic updates on regulatory developments.
Added: March 2025
