IRELAND: Central Bank publishes Fitness and Probity Service Standards

Friday February 21 2014

In July 2012, the Central Bank of Ireland published Fitness and Probity Service Standards relating to target turnaround times for processing Individual Questionnaires in respect of persons proposed for Pre-Approval Controlled Functions (PCFs).

As part of the pre-approval process the Central Bank undertakes its own due diligence in respect of proposed approved persons. Regulated financial service providers including Credit Unions that are submit to the Regime must ensure that the proposed person has fully and accurately completed the Individual Questionnaire (IQ); and that the firm has endorsed the declaration in the online IQ confirming that it is satisfied to make the appointment.

The report outlines performance against these standards for the 6-month period from July 2013 to December 2013.

Click on the above link for more details.