ECSH44975 - beneficial owner, officer or manager who has passed the approvals check requires a fit and proper test
BOOM added to or included in a F&P registration
When a beneficial owner, officer, or manager (BOOM) has previously passed the approvals check and is added to the registration of a business that operates as Money Service Business (MSB) or a Trust or Company Service Provider (TCSP), the BOOM must undergo the fit and proper (F&P) test and pay the full F&P test fee.
Business moves to F&P sector
When a business amends its registration with HMRC to advise that it has started to trade as an MSB or TCSP, and it has never registered as an MSB or TCSP before, all its BOOMs must undergo the F&P test and pay the full F&P test fee.
No fee reductions
HMRC does not provide a discount for BOOMs who have previously paid for the approval check and subsequently undergo the F&P test.