Deadline Approaches For Fitness And Probity Standards

Author:Mr Paul Glenfield, Brian Buggy, John Dunne and Bryan Dunne
Profession:Matheson
 
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From 1 December 2012 the Regulations and Standards of Fitness and Probity will apply to all staff in existing Controlled Function ("CFs") positions. Under the Central Bank Reform Act 2010, the Central Bank was provided with a range of powers regarding fitness and probity in respect of persons in certain positions within the financial services sector. This empowered the bank to set statutory standards of fitness and probity across the financial services sector, approve or veto the appointment of people to certain positions, and investigate, remove or prohibit certain provision holders. The Regulations and Standards of Fitness and Probity ("the Standards"), issued pursuant to the 2010 Act, prescribe 11 roles in financial institutions as Controlled Functions ("CFs") and 42 roles as Pre-Approval Controlled Functions ("PCFs"). The Standards require that individuals in these roles meet with the Central Bank's Minimum Competency Requirements in terms of qualifications, experience and competence. Honest and ethical conduct, and financial soundness must also be demonstrated by these individuals. Non-compliance with the Standards can lead to prohibition...

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