Before making an application under section 309I for approval for a person to perform a designated senior management function, a relevant recognised body must be satisfied that the person is a fit and proper person to perform the function.
In deciding that question, the relevant recognised body must have regard, among other things, to whether the person, or any person who may perform a function on the person's behalf—
has obtained a specified qualification;
has undergone, or is undergoing, specified training;
possesses a specified level of competence;
has specified personal characteristics.
In subsection (2), "specified" means specified in rules made by the appropriate regulator.
Before making rules for the purposes of this section, the appropriate regulator must comply with such consultation requirements as may be prescribed.