Regulators will subject candidates to rigorous interviews, and not all will pass. The U.K.’s Prudential Regulation Authority and Financial Conduct Authority have publicly stated that a meaningful percentage of candidates will be found not to be competent, while the regulators will approve another significant proportion of candidates, but with restrictions. Preparation ahead of regulatory-approval interviews is critical to ensure candidates are able to demonstrate competence along with an awareness of their development needs.
Promontory has extensive experience and success in preparing board-level (up to and including chairpersons) and senior management candidates for approved-persons interviews. Drawing on our experience as former senior regulators — including the administration of similar interviews in multiple jurisdictions — we use our extensive knowledge of regulatory practice to provide constructive feedback to individuals, including guidance on identifying and addressing shortcomings.
Promontory can assist firms and individuals in a range of ways in advance of approval interviews. In addition to conducting practice interviews and associated feedback, we prepare and/or comment on gap analyses and development plans and source and deliver specific briefings for candidates.