Fitness And Probity In Financial Services

Author:Mr Joe Beashel and Paul Glenfield
Profession:Matheson Ormsby Prentice

The Central Bank Reform Act 2010 provides the Central Bank with a range of powers regarding fitness and probity for persons in certain positions within the financial services sector. The Bank is empowered to:

Approve or veto the appointment of people to certain positions investigate and where appropriate remove or prohibit certain provisions holders; and set statutory standards of fitness and probity across the financial services sector. The Central Bank has now published Regulations and a set of Standards of Fitness and Probity setting out various requirements.

Central Bank Reform Act 2010 (Sections 20 and 22) Regulations 2011 (SI 437/2011). Fitness and Probity Standards Code under Section 50 of the Central Bank Reform Act 2010 The Regulations clarify that the requirements apply to two main areas. Persons in "pre-approval controlled functions" (PCFs) will require Central Bank approval before they can take these senior positions. The Regulations also prescribe specific categories of staff...

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