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Financial Services Act 1986
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- UK Public General Acts
- 1986 c. 60
- SCHEDULE 2
- Members to be fit...
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This is the original version (as it was originally enacted).
Members to be fit and proper persons
1(1)The rules and practices of the organisation must be such as to secure that its members are fit and proper persons to carry on investment business of the kind with which the organisation is concerned.
(2)Where the organisation is concerned with investment business of different kinds its rules and practices must be such as to secure that a member carrying on investment business of any of those kinds is a fit and proper person to carry on investment business of that kind.
(3)The matters which may be taken into account under the rules in determining whether a person is a fit and proper person must include those that the Secretary of State may take into account under section 27 above.
(4)This paragraph does not apply to a person who is not an authorised person by virtue of being a member of the organisation.
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