Fitness and Probity for Regulated Financial Service Providers  

Fitness and Probity - Regulated Financial Service Providers (other than credit unions)

A new Fitness and Probity Regime came into effect on 1 December 2011 for all regulated financial service providers other than credit unions.  This new regime was fully implemented by 1 December 2012. 

41 senior positions are prescribed as Pre-Approval Controlled Functions for regulated financial service providers other than credit unions.  The prior approval of the Central Bank of Ireland is required before an individual can be appointed to a Pre-Approval Controlled Function.  The individual must complete an online Individual Questionnaire which is endorsed by the proposing entity and then submitted electronically to the Central Bank of Ireland for assessment.

Further information on Fitness and Probity for regulated financial service providers other than credit unions can be accessed here, or from the link on the right hand side of this page.

Fitness and Probity - Credit Unions

A new Fitness and Probity Regime for credit unions comes into effect on 1 August 2013.

Two senior positions, Manager and Chair of the board of the credit union, are prescribed as Pre-Approval Controlled Functions for credit unions.  The prior approval of the Central Bank of Ireland is required before an individual can be appointed to a Pre-Approval Controlled Function.  The individual must complete an online Individual Questionnaire which is endorsed by the proposing credit union and then submitted electronically to the Central Bank of Ireland for assessment.

Further information on Fitness and Probity for credit unions can be accessed here, or from the link on the right hand side of this page.