Processing Applications 

For all types of financial service provider, excluding credit unions, the application process involves the submission of a formal application consisting of prescribed documentation relating to the activities and the approach to risk management and regulatory compliance.

See specific financial service provider types for more detailed information which must be submitted as part of an application.

Directors and Managers of financial service providers are responsible for the proper management of such firms. Accordingly, the first step in regulating / authorising financial service providers is ensuring that Directors and Managers have the necessary skills and qualities to perform the duties of that position.

One of the criteria in assessing any application for authorisation relates to the fitness and probity of proposed directors and senior managers together with the suitability of any proposed shareholders (who are natural persons), holding in excess of 10% (qualifying shareholding) in the applicant company.

Appointments to the position of director or senior manager are required to complete an Online Individual Questionnaire (IQ) through the Online Reporting System.

The IQ must be endorsed by the proposing financial services firm and submitted for approval to the Central Bank.

In the case of a proposed individual qualifying shareholder, the Central Bank will form a view as to the suitability of the individual based on the probity of the individual and the information provided in the IQ and relevant attachments. 

In completing your application you should be open and honest with us and provide us with any information requested in a timely manner.