Prohibition Notices

About Prohibition Notices

The Central Bank may issue a Prohibition Notice prohibiting an individual from performing a controlled function for a specified period or indefinitely, if we form the opinion that an individual is not of appropriate fitness and probity.

The Central Bank has a statutory discretion to publish a Prohibition Notice where it is deemed necessary for the purposes of the Central Bank Reform Act 2010.

Current Prohibition Notices

25 May 2021: Notice issued to Mr. James Cumiskey under the Fitness and Probity Regime

The Central Bank of Ireland (the “Central Bank”) has prohibited Mr James Cumiskey, former Managing Director of European Mortgage Call Centre Limited, 34-35 Park Street, Dundalk, County Louth from carrying out any controlled function, including pre-approval controlled function, in any regulated financial service provider, from 16 July 2020, for an indefinite period.

The prohibition arises from the Central Bank’s investigation into Mr. Cumiskey. This investigation established that between January 2018 and August 2018  Mr Cumiskey induced persons to give him deposits they had saved for a mortgage on the basis that Mr. Cumiskey required the deposit to process mortgage applications on their behalf. Although neither Mr Cumiskey nor his firm (European Mortgage Call Centre Limited) were authorised as a mortgage intermediary the firm’s website prominently advertised mortgage services.

When the Central Bank was alerted in January 2019, it took immediate steps to suspend Mr. Cumiskey from performing any controlled function. The High Court extended this suspension on 13 May 2019. The Central Bank’s investigation also found that Mr. Cumiskey had outstanding debts and was not managing his own financial affairs in a sound and prudent manner as required by the Fitness and Probity Standards, which all controlled function holders must adhere to.

Seána Cunningham, Director of Enforcement and Anti-Money Laundering, said “The Central Bank’s Fitness and Probity Regime works to ensure that persons holding key and customer facing positions in financial services are committed to high standards of competence, integrity and honesty. The regime sets out the fitness and probity standards that people holding these positions must comply with.

"When the Central Bank is investigating a person’s fitness and probity and considers, at any point, that there is a significant need to protect the users of financial services and financial stability, it has the power to issue a suspension notice. This is an important power, which can be used by the Central Bank in seeking to protect consumers from potential harm.

"The prohibition of persons from holding key functions in regulated firms where they fail to meet the required standards of fitness and probity upholds public trust and confidence in the financial system.  The Central Bank continues to highlight to financial services firms, and to those holding key positions in these firms, the importance of meeting the requirements and standards under the Fitness and Probity Regime.”

Additional information

  1. The Prohibition Notice was effective from 16 July 2020 and is issued for an indefinite period. This is the ninth prohibition notice issued by the Central Bank pursuant to the Fitness and Probity Regime.
  2. As is the practice of the Central Bank no further information can be provided whilst a current Garda Síochána investigation is in being.
  3. The Fitness and Probity Regime was introduced by the Central Bank under the Central Bank Reform Act 2010 to ensure that regulated firms and individuals who work in these firms are committed to high standards of competence, integrity and honesty and are held to account when they fall below these standards.
  4. The Central Bank acts as a gatekeeper to certain senior roles called “pre-approval controlled functions” or “PCFs” and it may assess the fitness and probity of the individuals proposed for these roles. Firms may not appoint individuals to these roles without the Central Bank’s approval in writing. We may also investigate individuals in key roles, namely those performing “controlled functions” including PCFs, if we suspect their fitness and probity to perform their role and we may prohibit them if appropriate.
  5. The Fitness and Probity regime also imposes significant obligations on Firms. The Central Bank issued letters to all regulated firms on 8 April 2019 and 17 November 2020, reminding them of their compliance obligations under the Fitness and Probity Regime. The first letter, highlighted areas where we have detected compliance to be lacking. The most recent letter was issued following thematic inspections of firms which revealed common issues and shortcomings in their implementation of the Fitness and Probity Regime and set out our expectations for firms to take appropriate action to address the significant issues identified.  We have taken enforcement action against firms, leading to monetary penalties, for failing to have proper systems and controls in compliance with the Fitness and Probity Regime.
  6. View further detail on the Fitness and Probity Regime, including the Fitness and Probity Standards.

16 July 2020: Notice issued to Mr. Juerg von Geitz under the Fitness and Probity Regime

The Central Bank has today published a Prohibition Notice prohibiting Mr. Juerg von Geitz from performing any controlled function in all regulated financial service providers for a period of ten years from the 5 July 2019.

Mr. von Geitz was an Executive Director of The Mortgage Department Limited, which was authorised as a mortgage intermediary pursuant to the Consumer Credit Act 1995 (as amended). Mr. von Geitz’s prohibition arose from the provision of misleading answers to the Central Bank when he made an application for a pre-approval controlled function (PCF) position in The Mortgage Department Limited. Mr. von Geitz also failed to cooperate with the investigation subsequently conducted by the Central Bank. The prohibition imposed reflects the seriousness with which the Central Bank views Mr. von Geitz’s conduct.

Seana Cunningham, Director of Enforcement and Anti-Money Laundering said:

“The Central Bank’s Fitness and Probity Regime seeks to ensure that regulated firms and individuals who work in these firms are committed to high standards of competence, integrity and honesty and are held to account when they fall below these standards. The Central Bank acts as gatekeeper to certain senior roles called “pre-approval controlled functions” and may assess the fitness and probity of individuals proposed for these roles through the gatekeeper process. Individuals may not be appointed to these roles without the prior written approval of the Central Bank.  

The Central Bank requires all applicants to engage fully and with absolute candour and honesty throughout the gatekeeper process so that we can conduct a proper assessment. Where we find that individuals have provided false and/or misleading information to the Central Bank we will investigate pursuant to our statutory powers.

We would take this opportunity to remind those who hold controlled functions of the positive obligation on them to cooperate with Central Bank investigations, whether under the Fitness and Probity Regime, or our other enforcement processes.” 

Additional information

  1. The Prohibition Notice was effective from 5 July 2019. This is the eight prohibition notice since the commencement of the Fitness and Probity Regime and the third that the Central Bank has published in full.
  2. The Fitness and Probity Regime was introduced by the Central Bank under the Central Bank Reform Act 2010 to ensure that regulated firms and individuals who work in these firms are committed to high standards of competence, integrity and honesty and are held to account when they fall below these standards.
  3. The Central Bank acts as a gatekeeper to certain senior roles called “pre-approval controlled functions” or “PCFs” and it may assess the fitness and probity of the individuals proposed for these roles. Firms may not appoint individuals to these roles without the Central Bank’s approval in writing. We may also investigate individuals in key roles if we suspect their fitness and probity to perform their role, and we may prohibit them following such investigation, if appropriate.
  4. The Fitness and Probity regime also imposes significant obligations on Firms and a letter sent to the CEOs of all regulated firms in April 2019 reminded firms of their obligations.
  5. View further detail on the Fitness and Probity Regime, including the Fitness and Probity Standards

8 February 2019: Notice issued to Mr Paul Tarpey under the Fitness and Probity Regime

The Central Bank has issued a Prohibition Notice to Mr Paul Tarpey (PDF), prohibiting him from carrying out any controlled functions, including pre-approval controlled functions, in any regulated financial service provider for an indefinite period. Mr Tarpey is a former partner of Costello & Tarpey Financial Services, which has now been dissolved. The prohibition arises from a Central Bank investigation into the misappropriation of client funds by Mr Tarpey during his time at Costello & Tarpey Financial Services.

27 August 2018: Notice issued to Mr David Stamper

The Central Bank of Ireland has issued a Prohibition Notice to Mr David Stamper (PDF), former Director of Citybus Employees’ Credit Union Limited, prohibiting him from carrying out any controlled functions, including pre-approval controlled functions, in any regulated financial service provider for an indefinite period. The prohibition arises from the Central Bank’s investigation into Mr Stamper’s management of the members’ prize draw in Citybus Employees’ Credit Union Limited.

18 April 2018: Notice issued to Ms Geraldine Harford

The Central Bank has issued a Prohibition Notice to Ms Geraldine Harford (PDF), former Assistant Manager of Rush Credit Union Limited (In Liquidation), prohibiting her from carrying out any controlled functions, including pre-approval controlled functions, in any regulated financial service provider for an indefinite period. The prohibition arises from a Central Bank investigation into Ms Harford's involvement in unauthorised transactions on accounts at Rush Credit Union.

18 September 2017: Notice issued to Ms Anne Butterly

A Prohibition Notice has issued against Ms Anne Butterly (PDF), former Manager of Rush Credit Union, prohibiting her from carrying out any controlled functions, including pre-approval controlled functions, in any regulated financial service provider for an indefinite period. The prohibition arises from a Central Bank investigation into Ms Butterly’s involvement in unauthorised transactions on accounts at Rush Credit Union.

4 May 2016: Notice issued to Mr Darren Gleeson

Following a fitness and probity investigation conducted in accordance with Section 25 of the Central Bank Reform Act 2010, a Prohibition Notice has issued against Mr Darren Gleeson, Prohibition Notice against Mr Darren Gleeson (PDF), formerly a director of a retail intermediary firm, prohibiting him from carrying out any controlled functions, including pre-approval controlled functions, in any regulated financial service provider for an indefinite period.

Expired Prohibition Notices

27 September 2019: Notice issued to Mr Michael Kearns under the Fitness and Probity Regime

The Central Bank has today published a Prohibition Notice (PDF) prohibiting Mr. Michael Kearns from performing any controlled function in all regulated financial service providers for a period of two years. Mr. Kearns acted as an Executive Director of Home Credit Ireland Limited, which is authorised as a Moneylender under the Consumer Credit Act 1995 (as amended). Mr. Kearns failed to properly disclose to the Central Bank the circumstances under which his former employment had ceased when he made an application for a pre-approval controlled function (PCF) position in Home Credit Ireland Limited.

Expired on 2 May 2021

18 January 2017: Notice issued to Ms Colette Murphy

Following a fitness and probity investigation conducted in accordance with Section 25 of the Central Bank Reform Act 2010, a Prohibition Notice issued against Ms Colette Murphy (PDF) prohibiting her from performing certain pre-approval controlled functions for a period of two years from 23 February 2015.

Expired on 22 February 2017.