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Tracking your Fit and Proper status and progress

Tracking your Fit and Proper status and progress

The drive to professionalise the financial services industry has brought many regulatory obligations. Keeping track of the myriad of competency requirements are, at best, a nightmare if you are still using outdated methods to manage it.

All FSPs are legally required to establish and maintain internal systems and monitoring mechanisms to ensure that its Key Individuals and Representatives are competent to perform their functions.

At Moonstone we have developed the Fit & Proper Manager system – an integrated solution geared towards managing the full Fit & Proper competency life-cycle of Key Individuals, Representatives and Sole Proprietors. The functionality offered by the Manager system presents an effective solution for FSPs seeking to improve their workforce management and overall business performance.

Features Include

  • Regulating the competency profiles of staff members.
  • Generating informative reports that indicate whether individual staff members meet the relevant Fit and Proper requirements as they apply to your FSP.
  • Automatic updating of your FSP’s “Competence Register” and “Representative Register”.
  • Early warning notifications of important deadlines, eliminating the manual tracking of deadline dates.
  • When an exemption or extension to a deadline date is granted, the Fit & Proper Manager system enables you to automatically disregard the requirement for reporting purposes.
  • Ensuring effective time management and a lower carbon footprint. Countless hours and piles of paperwork can be saved by enabling staff members to complete their periodic declarations and related verifications electronically. This is particularly relevant in the current work-from-home environment.
  • The Manager system automatically updates the competency profiles of staff members who complete their Qualifications, Regulatory Examinations, Class of Business Training and CPD Activities through Moonstone.

With the Manager system you can record and demonstrate that your FSP has taken steps to evaluate and review staff members’ competency levels. The Manager system also allows you to demonstrate that staff members remain competent.

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