Danish Financial Supervisory Authority updates its suitability assessment practice statement with new case examples

The Danish Financial Supervisory Authority has updated its annual statement describing how it conducts suitability assessments for candidates for director posts and other key positions in financial-sector firms, adding new practical examples from cases it has processed. The statement is intended to give firms and candidates clearer insight into how suitability is assessed for a specific role in a specific firm. The updated statement summarises anonymised decisions in which candidates were approved but subject to specific assessments of professional knowledge, managerial competencies and experience. It illustrates a holistic approach that can take account of relevant education and experience outside the financial sector, including experience gained in other control functions that may be transferable to roles such as compliance. The authority also clarifies that these suitability assessments cover the “fit” element of fit and proper reviews, while the statement does not cover integrity (“proper”) assessments.