Central Bank publishes outcome of thematic review of fund management companies

The Central Bank of Ireland has today published the outcome of a thematic review of the implementation of its framework for governance, management and oversight in fund management companies (FMCs).

The review found that when applied correctly by firms, the rules and guidance provide a framework of robust governance and oversight arrangements.

However the review also found that a significant number of FMCs have not fully implemented the framework, with many only able to evidence the introduction of limited changes following implementation of the framework. 

All FMCs are required to critically assess their daily operations against the requirements, while taking into account the findings of the review, and implement the necessary changes to ensure full and effective embedding of all aspects of the framework.  The firm’s analysis should be completed and an action plan discussed and approved by the Board by end Q1 2021.

A press release accompanies the industry letter.