7.—(1) A person shall not carry on an agency unless he is fit to do so.
(2) A person is not fit to carry on an agency unless the person—
(a)is an individual who carries on the agency—
(i)otherwise than in partnership with others, and satisfies the requirements set out in paragraph (3);
(ii)in partnership with others, and he and each of his partners satisfies the requirements set out in paragraph (3);
(b)is a partnership and each of the partners satisfies the requirements set out in paragraph (3);
(c)is an organisation and—
(i)the organisation has given notice to the Regulation and Improvement Authority of the name, address and position in the organisation of an individual who is a director, manager, secretary or other officer of the organisation and is responsible for supervising the management of the agency; and
(ii)that individual satisfies the requirements set out in paragraph (3).
(3) The requirements are that—
(a)he is of integrity and good character;
(b)he is physically and mentally fit to carry on the agency;
(c)full and satisfactory information is available in relation to him in respect of the matters specified in Schedule 2.
(4) A person shall not carry on an agency if—
(a)he has been adjudged bankrupt or sequestration of his estate has been awarded and (in either case) he has not been discharged and the bankruptcy order has not been annulled or rescinded; or
(b)he has made a composition or arrangement with his creditors and has not been discharged in respect of it.