FSA tells CEOs it will interview candidates for top jobs at firms
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The Financial Services Authority has written to the chief executives of 5,000 regulated firms telling them it will closely vet appointments and will expect to interview candidates applying for roles of significant influence.
The letter reminds CEOs that the responsibility for assessing if candidates are fit and proper to carry out roles rests with firms so they should have robust recruitment, referencing and due diligence pro - cesses in place.
As part of this approval regime firms are being encouraged to en - gage with the regulator early in the recruitment process. For big firms, this should be at the point of drawing up a shortlist rather than waiting until the preferred candidate stage
Graeme Ashley-Fenn, director of permissions, decisions and reporting at the FSA, says: “Our approval interviews will help us to assess whether individuals have the right experience and understanding, and whether they will enhance management strength and insight.”
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