Amendments to M form (Fit & Proper form) for payment service providers

The Financial Supervisory Authority (FIN-FSA) is making minor amendments to the M form used by payment institutions and persons providing payment service without authorisation to report on a person's fitness and propriety (Fit & Proper report).

Going forward, the FIN-FSA will ask for more detailed information in the form about the person being reported. In addition to the previously reported information, the updated form will also cover the person's nationality, place of birth (city and country) and date of birth. The reason for inquiring this information is the FIN-FSA’s preparation for the implementation of the Joint Guidelines issued by the European Supervisory Authorities (EBA, ESMA and EIOPA) (JC/GL 2024 88). These Guidelines instruct national supervisory authorities on a common system for the exchange of information on fitness and propriety between supervisors.

At the same time, the FIN-FSA clarifies reporting on criminal matters concerning a person so that the information must be reported on all criminal matters, instead of just financial crime. The reason is that crimes unrelated to financial activities may also be relevant for the assessment of a person’s fitness and propriety.

In the same context, the FIN-FSA also publishes an English-language version of the M form. So far, the form has only been available in Finnish and Swedish.

The updated M forms are available at the FIN-FSA website.

Link to the EBA, ESMA and EIOPA Joint Guidelines JC/GL 2024 88.

For further information, please contact

• Juha Eerikäinen, Senior Supervisor, tel. +358 9 183 5322 or juha.eerikainen(at)fiva.fi
• Mirja Kaspianranta, Senior Supervisor, tel. +358 9 183 5569 or mirja.kaspianranta(at)fiva.fi
• Emilia Isolauri, Senior Supervisor, tel. +358 9 183 5017 or emilia.isolauri(at)fiva.fi