The Malta Financial Services Authority has published guidelines on what it considers to be a ‘fit and proper’ person to hold a role within the financial services sector, and those who failed to pay their debts or whose own finances are in a mess need not apply.

The regulator will be looking at five main categories: competence; reputation; solvency; conflicts of interest and independence of mind; and time commitment.

A comprehensive due diligence assessment will be aimed at ensuring that the person has the right qualifications, skills and experience. However, the guidelines go beyond that, looking at whether a person might have a poor reputation, be unreliable, or was found to be dishonest.

And anyone who has already blotted their copybook with the MFSA or who has been dismissed by an employer, among other things, will also have a hard time making it through the scrutiny.

Last week, the MFSA announced that it had appointed a new Financial Crime Compliance team to strengthen its supervisory processes.