Regulator's tests to see if people are fit to work in City have 99.99% pass rate
Saturday 13 April 2013
In theory, the “fit and proper” test set by the City watchdog is a tough examination of the attributes of candidates whom banks put forward for the most sensitive of roles. But figures out yesterday reveal that nearly everyone passes. The regulator stopped just 30 applications from 227,000 – a rejection rate of only 0.013 per cent – in the last six years.
The UK's "fitness and probity" process encompasses senior management and directors, and staff working in compliance, risk and internal audit across all firms authorised by the regulator. The13 criteria include "whether the person has been convicted of any criminal offence" with "particular consideration … given to offences of dishonesty, fraud, financial crime or an offence whether or not in the United Kingdom or other offences under legislation relating ... money laundering".
A spokesman for the Financial Services Authority, just replaced by the incoming Financial Conduct Authority, said: "In addition to 30 applications for approval being formally refused, over 7,000 applications were withdrawn after submission – many of which were after close scrutiny
- 1 Tidal launch: The most pretentious lines from Alicia Keys' valedictory speech
- 2 Trevor Noah: Jon Stewart's replacement faces online criticism over 'anti-Semitic' tweets
- 3 Martha Stewart accuses Snoop Dogg of 'smoking for four hours' during Justin Bieber Roast
- 4 Gamers confess the worst things they've done in The Sims
- 5 Syrian child photographed 'surrendering to camera because she thought it was a gun'
Costa Concordia: Shipment of Mob drugs was hidden aboard cruise liner when it hit rocks off Italian coast, investigators say
Martha Stewart accuses Snoop Dogg of 'smoking for four hours' during Justin Bieber Roast
University of Cambridge: Remains of 1,300 scholars are found under building
Jeremy Clarkson 'could be given minder' ahead of a potential Top Gear return
Turkey power cut: Prime Minister says nationwide blackout could be caused by terrorists
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
Street preacher quoting from the Bible fined for calling homosexuality an 'abomination'
Woman filmed launching racist tirade against men on the Tube for speaking in 'own lingo'
The West has it totally wrong on Lee Kuan Yew
David Cameron calls Labour 'hopeless, sneering socialists' while announcing 7-day NHS plans
Revealed: Putin's army of pro-Kremlin bloggers
iJobs Money & Business
£45000 - £50000 per annum + benefits : Ashdown Group: A highly successful, glo...
£50,000 - £55,000: Neil Pavier: Are you a professionally qualified commercial ...
£45,000 - £55,000: Loren Hughes: Are you looking for a new opportunity that wi...
Circa £45,000-£50,000 + benefits: Sheridan Maine: Are you a newly qualified ac...