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That’s because this Board Notice, that came into effect on 1 April 2018, brought with it a number of Fit and Proper requirements that you need to meet.  \nIt can be quite daunting working your way through all of these requirements, so we have put together this brochure to help you navigate your way through them. It is designed to:  \n- help you see what is facing you,  \n- let you know when the various elements become effective,  \n- help you see how far you’ve come and/or still need to go – in other words, what the gap is. If, as you go through this self-assessment, you feel you’re in too deep, feel free to contact Masthead.  \nWorking your way through this document.  \n• We start off with a roadmap of the key dates showing what has been introduced and when it becomes effective. You’ll see that some things have already come into effect and others only kick in at the end of July 2019.  \n• Next, we’ve set out all the requirements, section by section and under each of the requirements, we cover 4 areas:  \n1. We set out a brief description and recommendation of what the BN requires you to do.  \n2. We point out the documented evidence that should be in place.  \n3. We then ask you to objectively assess your documented evidence where you indicate that:  \na. It is in place;  \nb. It is in place, but needs to be reviewed;  \nc. It is not in place;  \nd. You need or want help to put in in place.  \n4. The last area we cover is to ask you to write out your action plans, together with the name of the person responsible for the work and the date by when this should be done.  \n• Read through the roadmap so that you have a broad idea of what needs to be done and by when.  \n• Then, we suggest that you go through each section and do a thorough and honest self-assessment of your business. You can complete this document electronically or in paper format.  \n• Once you have gone through this gap analysis you should have a clear understanding of the Fit and Proper requirements, where the gaps are in your business, and the changes you will need to implement. You will also know where you can sleep easy and where you need to do some work.  \nWe can help you!  \nIf, at any time during or after this process, you feel you need help in meeting these Fit and Proper requirements, feel free to contact Masthead. We will gladly help you understand the impact on your business and help you address what is needed with tools, templates and onsite implementation.  \nContents  \nFit and Proper Roadmap 3  \nHonesty, Integrity & Good Standing 4  \nCompetence Policy and Processes 6  \nBasic Operational Ability 8  \nGovernance Framework 10  \nI Conduct Risk Management 11  \nII Business Plan 13  \nIII Risk Management Policies, Processes and Systems 14  \nIV Accounting Policies and Processes 16  \nV Remuneration Policy for all staff 17  \nVI Business Continuity Policy 18  \nVII Financial Recovery Plan 19  \nVIII Regular monitoring of systems, processes and internal controls 20  \nAutomated Advice 22  \nOutsourcing Policy and Processes 24  \nAppointment of Representatives 26  \nRepresentative Operational Ability 28  \nKey Individual Operational Ability 30  \nFinancial Soundness 32  \nGap Analysis – FIT AND PROPER  \nFit and Proper Roadmap  \n• Start Licence Application for Structured Deposits and CIS Hedge Funds  \n• Honesty, Integrity & Good Standing  \n• Competence Policy & Processes  \n• Governance Framework  \n• Basic Operational Ability Requirements  \n• KI & Rep Operational Ability  \n1 APR 2018  \n• Financial Soundness requirements  \n• Early Warning Processes  \n• Outsourcing Policy & Processes  \n• Financial Strategy  \n• Competence Register  \n• Competence Review & Record Keeping  \n• Product Specific Training Requirements start  \n1 JUN 2018  \n• CPD Cycle Starts  \n• CPD Training Plans  \n• CPD P","cbCait7VuEEXPWoM","https://ap.wps.com/l/cbCait7VuEEXPWoM","pdf",7272212,34,"English","# Fit and Proper Roadmap\n## Key dates and effective periods\n# Honesty, Integrity & Good Standing\n## Requirements and documented evidence\n# Competence Policy and Processes\n## Evidence and assessments\n# Basic Operational Ability\n## Evidence and action plans\n# Governance Framework\n## Risk management and planning\n# I Conduct Risk Management\n## Business plan and risk policies\n# II Business Plan\n## Monitoring and controls\n# III Risk Management Policies, Processes and Systems\n## Evidence requirements\n# IV Accounting Policies and Processes\n## Remuneration policy for staff\n# V Remuneration Policy for all staff\n## Business continuity and recovery plans\n# VI Business Continuity Policy\n## Financial recovery plan\n# Automated Advice\n## Outsourcing policy and processes\n# Appointment of Representatives\n## Operational ability for representatives\n# Key Individual Operational Ability\n## Financial soundness","[{\"question\":\"Who is affected by Board Notice 194 of 2017 (Fit and Proper)?\",\"answer\":\"A Financial Services Provider, as well as its Key Individuals and Representatives, are affected. The notice also impacts directors within the Fit and Proper obligations described in the brochure.\"},{\"question\":\"How does the brochure help complete a Fit and Proper gap analysis?\",\"answer\":\"It provides a roadmap of effective dates and a structured, section-by-section assessment method. For each requirement, it outlines what to do, the documented evidence expected, and prompts an objective assessment of whether evidence is in place, needs review, is missing, or needs help to implement.\"},{\"question\":\"What information must be included in the action plans?\",\"answer\":\"After assessing the gaps, the document requests action plans along with the name of the responsible person and the date by when each task should be completed.\"}]","Masthead Gap Analysis - Fit and Proper - Board Notice 194 of 2017 | PDF",1789202911]