(1) The Commission may grant a principal licence to an individual who applies in the prescribed manner and pays the prescribed fee.
(2) The Commission shall refuse to grant a principal licence unless the applicant—
(a) is an individual;
(b) satisfies the Commission that the applicant—
(i) has sufficient educational or other qualifications or experience,
(ii) has sufficient authority within the company, and
(iii) is a fit and proper person, to supervise the business for which the company that has nominated him or her is licensed or is applying to be licensed;
(c) satisfies the Commission that he or she is a fit and proper person to be licensed as a principal;
(d) supplies the Commission with the information that it requires to assess whether he or she is a fit and proper person to be a principal of the company.
(3) In considering whether an applicant is a fit and proper person to be licensed the Commission shall have regard to the applicant's—
(a) financial status;
(b) educational or other qualifications or experience having regard to the nature of the application;
(c) ability to perform his or her proposed function efficiently, honestly and fairly;
(d) reputation, character, financial integrity and reliability; and
(e) satisfactory completion of any examination requirements as may be prescribed.
(4) For the purposes of this section, the Commission may have regard to any information in its possession whether furnished by the applicant or not.
(5) The Commission—
(a) shall not refuse an application for a licence without first giving the applicant an opportunity of being heard; and
(b) if it refuses an application for a licence, shall notify the applicant in writing of the refusal and the reasons for such refusal.