It’s not just a matter of staying out of jail!
Who is “fit and proper” to look after somebody else’s money? Judging this is one of the essential roles of the supervisor, says Jean Guill, Director of the Luxembourg financial supervisory authority, CSSF. Speaking at the monthly lunch of TIGFI – the Institute for Global Financial Integrity – Mr Guill pointed out that establishing who is “fit and proper” is particularly important for an international centre that relies on non-nationals to fill senior positions. The test goes "well beyond what is done in most other business areas” he continued, identifying not just the qualifications, but the qualities of the person they are looking for – and the signals that may lead to loss of Fit & Proper status.
The theme of what constitutes ethical behavior in business will be further explored at the next TIGFI lunch on 16 November, when Ricardo Sanchez Serrano of Fidelis Institute tackles the theme:
“Is greed all we need? What can the catholic church teach the business world?”