4.—(1) This regulation applies where a service provider (P) is an individual or a partnership.
(2) P must not carry on a regulated activity unless P is fit to do so.
(3) P is not fit to carry on a regulated activity unless P is—
(a)an individual who carries on the regulated activity, otherwise than in partnership with others, and satisfies the requirements set out in paragraph (4); or
(b)a partnership and each of the partners satisfies the requirements set out in paragraph (4);
(4) The requirements referred to are that P or, where applicable, each of the partners is—
(a)of good character;
(b)physically and mentally fit to carry on the regulated activity and has the necessary qualifications, skills and experience to do so; and
(c)able to supply to the Commission, or arrange for the availability of, information relating to themselves specified in Schedule 3.