That means that the process is protracted, both for financial regulators and other enforcement authorities. So, there is a need for considerable patience and determination. The introduction of the fitness and probity regime was an important step forward in developing a comprehensive and effective regime.
The ability to remove persons occupying important functions within regulated firms where they fail to meet the required standards of fitness and probity, and indeed prevent those who do not meet such standards from entering the industry, will ensure greater confidence and trust in persons occupying important functions within regulated firms.