Fit and Proper Test: Who has to take the test?
The fit and proper test is taken at the time of registration by the following individuals:
- any person who directs or controls the business including all sole proprietors, partners, directors, whether UK based or based overseas;
- any beneficial owner of the business;
- a nominated officer, where one is required.
In practice, this means all sole proprietors, partners, directors, trustees, and nominated officers will need to be tested, as well as any beneficial owners of the business. See MLR2R5650 and MLR2R5700 for beneficial owner definition.