Fit and proper tests - maintain the integrity and stability of your financially regulated company.

The FCA Fit and Proper Test is an assessment conducted by the UK’s Financial Conduct Authority (FCA) to determine the fitness and propriety of individuals holding key positions within regulated financial services firms.  This test is a crucial component of the FCA's regulatory framework and is designed to ensure that individuals in significant roles have the necessary skills, knowledge, integrity, and financial soundness to perform their duties effectively and in the best interests of consumers and the market as a whole. The Fit and Proper Test evaluates various factors, including an individual's qualifications, competence, experience, honesty, and reputation.

Our fit and proper test:

• Collects information about an individual’s honesty, integrity, reputation, capability, and financial soundness utilizing a questionnaire-based test
• Covers questions regarding criminal proceedings, civil proceedings, business and employment matters, conflict of interest, regulatory and other matters
• Informs employer of any red flags uncovered in the report

Why use Veremark for Fit and Proper Tests? With our award-winning software, we’re the number-one choice for leading brands and workplaces all over the world. In the financial sector, 100% compliance is crucial. Veremark’s fit and proper test questionnaire complies with both the Financial Conduct Authority and the Prudential Regulation Authority.  All Senior Managers and Certification Regime (SMCR) firms are required to conduct this test in order to verify a staff member’s capability and trustworthiness to perform a controlled function or high-responsibility role. These same firms are also required to continuously assess the ongoing fitness and propriety of applicable staff.

The end result is a report, sorted by topics, that presents the individual’s responses to each question and provides notes for any red flags or items to be aware of. Integrations into your existing HR workflows mean this type of record can be combined with other confidential data to assess a candidate’s eligibility to work within the organization.

Features

• Regulatory Compliance: Fully aligned with FCA and PRA standards for SMCR roles.
• Comprehensive Assessment: Evaluates qualifications, experience, reputation, and financial history.
• Red Flag Reporting: Highlights concerns across criminal, civil, and regulatory domains.
• Questionnaire-Based Format: Structured yes/no questions with topic-based reporting.
• Workflow Integration: Seamlessly fits into existing HR systems for streamlined hiring.