Fitness and Probity for Regulated Firms
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The Fitness and Probity Regime was introduced by the Central Bank under the Central Bank Reform Act 2010 (the 2010 Act). It is critical to the protection of the public interest and to ensuring there is public trust and confidence in the financial system.
The core function of the Fitness and Probity Regime is to ensure that individuals in key and customer facing positions (referred to in the legislation as Controlled Functions (CFs) and Pre-Approval Controlled Functions (PCFs)) within a Regulated Financial Service Provider (Regulated Firm) are competent and capable, honest, ethical and of integrity and also financially sound. Read more about the Fitness and Probity regime.
The Central Bank of Ireland Portal has been enhanced to facilitate the submission of applications to become a holder of a Pre-Approval Controlled function. Individual Questionnaires will no longer be submitted via the Online Reporting System (ONR), but will instead be submitted via the Central Bank Portal. These changes became operational on Monday 24 April 2023 and provide applicants with an enhanced process for submitting applications. An overview of how the new system works is provided in:
Overview of new F&P IT system | pdf 459 KB
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