FP-1.1.1
Licensees must adhere to the following key principles and outcomes regarding the suitability of persons covered within the scope of this Module:
(a) Ensure that unsuitable persons are not appointed to the board, or to senior management functions as identified by the licensee. A person is unsuitable if the person does not meet the fit and proper criteria set out in this Module;
(b) Conduct comprehensive assessments prior to the appointment of persons covered within the scope of this Module to ensure they satisfy the CBB’s fit and proper criteria;
(c) The board of directors and the chief executive officer are responsible for the organisation structure and for identifying the senior management functions;
(d) Ensure the persons covered within the scope of this Module continue to meet the fit and proper criteria;
(e) Establish documented board approved policies for recruitment, training and competency, including minimum competency standards addressing academic and/or professional qualifications and past experience, periodic competency assessments and training for persons covered within the scope of this Module; and
(f) Promptly report to the CBB if the licensee identifies material deficiency in suitability of the persons covered within the scope of this Module.
Added: March 2025