The Financial Regulation Individual Questionnaire or IQ has been further revised and a new version issued:

  • Question 1.9 (pps number) has been deleted and subsequent questions re-numbered;
  • Questions 3.1 and 3.2 have been amended to include "financial crime"; and
  • A statement in respect of use of personal data has been added to the Notes Section and Appendix 1 has been amended to include a statement re the use of personal data.

Current applications with the Financial Regulator made on the basis of the IQ dated April 2008 do not need to be updated. Applications will be accepted in the April 2008 format up to end-January 2009. The revised IQ dated December 2008 should be used for all applications from now on. The Declaration for Funds has also been revised to reflect some of the changes to the IQ and to clarify that the Declaration applies to proposed approved persons in the context of collective investment schemes only. The Financial Regulator has also issued an updated version of the Instructions Paper. This reflects the revisions to the IQ, and further clarifies the Financial Regulator's approach to the Fit & Proper process.