Having to interpret and navigate through the endless collection of Board Notices, Circulars and Guidance Notes which regulates the requirements associated with either being approved as a Key Individual, appointed as a Representative, or authorised as a Sole Proprietor, has become a specialist role. Ask anyone attempting to stay up to date by means of spreadsheets.
Reviewing the regulations and keeping up to date with each individual’s deadlines can be a daunting task. On the one hand you need to understand and apply the Fit and Proper requirements such as honesty and integrity, competence and continuous professional development. On the other, you must remain cognisant of changing factors such as amendments to legislation, new financial products and the rendering of financial services under supervision. In short, you need in-depth knowledge of an almost countless number of variables which may impact an individual’s competence profile.
Moonstone has taken great care to develop a web-based application that delivers a solution to these challenges.
Introducing Moonstone’s “Fit & Proper Manager”
The Fit & Proper Manager is an online integrated solution designed to manage the full Fit and Proper competency life-cycle of Key Individuals, Representatives and Sole Proprietors.
The application’s built-in intelligence allows users to enter any possible configuration in order to establish a Key Individual, Representative or a Sole Proprietor’s unique competency profile. Each competency profile will then provide a detailed overview of the individual’s Fit and Proper requirements as it pertains to that particular individual. The competence profile also highlights whether or not the individual is allowed to work under supervision, any deadlines which may be applicable, as well as a short description of any outstanding requirements. In short, the application provides a full overview of whether or not your staff members are meeting their requirements and whether or not your FSP is compliant.
Information is communicated by way of dashboards, charts and deadline indicators and staff members can be allowed to access their profiles in order to track their own progress.
By using this powerful and cost effective management information tool you will be able to demonstrate to the Regulator that your FSP has taken steps to assess, review and document your staff members’ competence based on the following requirements:
Debarment status | Honesty & Integrity | Good Standing | Entry-Level Qualification | Management and Oversight Experience | Accreditation with the Council of Medical Schemes | Recognised Qualification | Financial Product Experience | Class of Business Training | Regulatory Examinations | Continuous Professional Development
Moonstone Compliance clients can access the Fit & Proper Manager system at a reduced fee.
As part of the Getting Started process, Moonstone will also assist with importing your information to the system.
Click here for more information about Fit and Proper Manager.