Communications and Publications

Find out how regulated firms should manage Pre-approval Controlled Functions (PCFs) vacancies at this time

Announcements

March 2023

Changes to the Fitness & Probity application process

As previously communicated, the Central Bank of Ireland Portal will be enhanced to facilitate the submission of applications to become a holder of a Pre-Approval Controlled function. Individual Questionnaires will no longer be submitted via the Online Reporting System (ONR), but will instead be submitted via the Central Bank Portal. These changes are planned to go live on Monday 24 April 2023 and will provide applicants with an enhanced process for submitting applications. We will issue a further communication on 24 April to confirm that the system is operational.

The following documents are available to help regulated financial services providers prepare for the new system:

Overview of new F&P IT system | pdf 459 KB New Fitness and Probity Individual Questionnaire | pdf 961 KB Fitness and Probity Individual Questionnaire Application – Draft Guidance | pdf 1482 KB

If you are not already a Portal user, you should register now. View Guidance on how to do this.

May 2022

Further to the Amending Regulations and related Feedback Statement published on 5th April 2022:

The In-Situ Returns process opens on ONR from Wednesday 18 May for a six week period. All firms are to use the below file to submit their returns. Closing date is 30 June 2022.

PCF In-Situ Return File to be used when submitting PCF In-Situ Return 2022 Regulations

Guidance on PCF In-Situ Return 2022

April 2022

Further to the Notice of Intention issued in September 2021, the Central Bank of Ireland is:

Splitting the existing PCF-2 Non-executive director into PCF-2A Non-executive director and PCF2-B Independent non-executive director (under the ‘General’ category);
Amending the titles of the roles which relate to the chairing of a board or committee i.e. PCF-3 – PCF-7 (under the ‘General’ category);
Expanding PCF-16 Branch Manager of branches in other EEA countries to include branch managers in non-EEA countries (under the ‘General’ category);
Removing PCF-31 Head of Investment (under the ‘Investment Firms’ category); and
Removing the existing PCF-15 Head of Compliance with responsibility for Anti-Money Laundering and Counter Terrorist Financing Legislation and introducing PCF-52 Head of Anti-Money Laundering and Counter Terrorist Financing Compliance (under the ‘General’ category).

Read the related Feedback Statement and the Amending Regulations published on 5th April 2022.

October 2020

Further to the Notice of Intention issued in February 2020, the Central Bank of Ireland is:

Introduced:
- Chief Information Officer (under the ‘General’ category)
- Head of Material Business Line (under the ‘Banking’ category)
- Head of Market Risk (under the ‘Banking’ category)
Split PCF-39 Designated Person into six PCF roles aligned to the specific managerial functions.

Additions to the List of Pre-approval Controlled Functions - October 2020 | pdf 891 KB

February 2020

Notice of Intention - Additions to the list of PCFs February 2020 | pdf 862 KB

Consultations and Reports

April 2019: Letter to all RFSPs regarding ongoing obligations under the F&P Regime.
September 2017: - Consultation on Potential Amendments to the Fitness and Probity regime for Credit Unions.
February 2017: Report on Findings of Thematic Fitness and Probity Inspections in Credit Unions.
February 2017: Letter to Credit Unions regarding the Thematic Fitness and Probity Inspections in Credit Unions.