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

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.

Seana Cunningham, Director of Enforcement and Anti-Money Laundering said: "Under the Central Bank’s Fitness and Probity regime approval is required before an individual can be appointed to a senior position in financial services. This gatekeeper role allows the Central Bank to assess the fitness and probity of applicants for senior positions."

"The Central Bank, in the performance of this gatekeeper role, is entitled to expect and insist on absolute candour and honesty from applicants. Full disclosure at application stage is required in order that the Central Bank can properly assess the fitness and probity of individuals before they are approved."

"Consequently, the provision of false or misleading information to the Central Bank may lead to the most serious of consequences – either denial of approval, or, if approval has previously been granted, as it was in this case, prohibition from financial services."

Additional information

  1. The Prohibition Notice was effective from 2 May 2019. This is the seventh prohibition notice since the commencement of the Fitness and Probity regime and the second that the Central Bank has published in full. The first decision, which was published earlier this year can be found here.
  2. The Fitness and Probity Regime was introduced by the Central Bank under the Central Bank Reform Act 2010 to ensure that individuals working in regulated firms meet high standards of competence, integrity and honesty. The regime gave the Central Bank a gatekeeper role in approving or refusing individuals for senior roles in regulated firms. The regime also allows the Central Bank to investigate approved individuals where we suspect that they no longer meet the requirements of the Fitness and Probity Standards.
  3. The Fitness and Probity regime also imposes significant obligations on Firms and a recent letter to the CEOs of all regulated firms reminded firms of their obligations. A copy of this letter can be found here.
  4. Further detail on the Fitness and Probity Regime, including the Fitness and Probity Standards, can be found here.

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

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.