Nobody publishes a script, and the questions vary by applicant. Still, certain themes come up so reliably that you can rehearse them.

The first is plain: who are you, really? Fit-and-proper assessment looks at honesty, integrity, reputation, competence and financial standing, for the company Alder Compliance, its directors and its key staff. Expect to explain anything awkward in your past, in full.

The second goes after the business model. What will you manage, for which investors, and how do you earn your living? If projections show profit in the first year on a tiny asset base, expect a raised eyebrow. A credible model survives a slow start.

Third, can you actually do it? Here MAS looks at track record and depth of experience. A strategy with no one on the team who has run it before is a hard case to make. Relevant history, with evidence, goes a long way.

Fourth, can you police yourself? Compliance and risk management are not decoration. Who is your compliance officer, how independent are they, and how will you handle conflicts, valuation, trade errors and breaches? An application that shows these on paper only, with no one named to run them, tends to attract follow-ups.

The fifth question is quieter: are you resourced to survive? Capital and financial resource requirements exist so that a manager does not fold the moment markets turn. Check the current figures directly with MAS, since they can change, and show you hold them with some comfort to spare.

Underneath all five sits a simpler worry. The regulator wants to know whether you will protect investors when things go wrong, and not just while they go well. Answers that acknowledge failure scenarios read as more trustworthy than polished optimism.

Try this exercise with a colleague who has never seen your file. Have them ask each question aloud and give them permission to push back. Where you stumble is where the application needs another page.