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.
The Central Bank has issued a number of statutory codes to set out the minimum standards of Fitness and Probity for individuals performing CFs or PCFs. The Central Bank has also published FAQ and guidance documents to assist Regulated Firms, Credit Unions and individuals performing CFs and PCFs to comply with their fitness and probity obligations.
These are available on the Requirements, PCF Assessment and Ongoing Compliance by Sector webpages.
Fitness and Probity Pillars
The Fitness and Probity Regime is grounded on three key 'pillars':
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