Threshold condition 4 – Suitability

Requires that Paragon must be fit and proper having regard to a number of factors including:

• Paragon’s connection with any person;
• the nature (including the complexity) of any regulated activity that Paragon carries on or seeks to carry on;
• the need to ensure that Paragon’s affairs are conducted in an appropriate manner, having particular regard to the interests of consumers and the integrity of the UK financial system;
• whether and how Paragon has complied and is complying with requirements imposed by, or requests for information made by the FCA;
• whether those who manage Paragon’s affairs have adequate skills and experience and act with probity, and whether the business is managed in such a way as to ensure that its affairs will be conducted in a sound and prudent manner; and
• the need to minimise the extent to which it is possible for Paragon to be used for a purpose connected with financial crime.