The Financial Regulator has published a new common framework for testing the fitness and probity of directors and senior managers of financial services firms.

It follows a two-year process and two public consultations in which it received 30 submissions and provides a definitive structure for assessing directors and senior managers.

"When we took over as regulator, there were different tests in place across different areas and now there is a common framework. They are all subject to the same test," said a spokesperson.

The framework consists of two documents - a background document that sets out guidance for the test and an individual questionnaire to be completed by proposed directors and managers and signed by appointing firms.

The questionnaire seeks information on a person's qualifications, experience and personal history on a range of issues from convictions for any crime, including financial and tax offences, to bankruptcy or disciplinary action by a professional body. A proposed person must disclose all relevant facts, the regulator said.

Existing directors or managers will not have to complete the new questionnaire since they have already been subject to the present sector-specific tests but will be subject to the test for any new positions.

The new framework applies to all regulated financial services firms, with the exception of credit unions, moneylenders and mortgage intermediaries.

Moneylenders and mortgage intermediaries are subject to regular fitness and probity tests as part of their authorisation procedure, while the issue of a fitness and probity test for credit union directors is to be addressed in a future review of legislation.