Explanatory Notes

Financial Services and Markets Act 2000

2000 CHAPTER 8

14 June 2000

Commentary on Sections

Part V: Performance of Regulated Activities

Section 61: Determination of applications

142.This section sets out the basis on which the Authority is to assess the suitability of a candidate for approval, whether they are an individual or a body corporate.  Subsection (1) requires the Authority to be satisfied that a candidate is fit and proper to perform the functions in question before it is able to give its approval.  Where the Authority proposes to refuse an application, section 62 requires it to give a warning and decision notice.  Notice must be given to the authorised person, the candidate and, where relevant, a contractor.