Fitness and Probity Requirements, PCF Assessment and Ongoing Compliance by Sector
The Fitness and Probity Regime applies to Regulated Financial Service Providers (RFSPs) and certain holding companies, as well as individuals in senior positions known as Controlled Functions (CFs) and Pre-Approval Controlled Functions (PCFs). It places obligations on those RFSPs, certain holding companies and individuals to uphold standards of fitness and probity across the financial services industry.
Those obligations include due diligence requirements in respect of the certification and assessment of the fitness and probity of individuals who will perform CFs or PCFs, both prior to their appointment and on an ongoing basis. It also includes notification requirements, whereby the Central Bank must be informed of concerns arising in relation to the fitness and probity of an individual performing a CF or PCF, or if a person in a PCF resigns or is temporarily unable to perform the role due to unforeseen circumstances.
The content linked below is intended to assist firms and individuals to comply with the Fitness and Probity Regime by providing details of the requirements and links to relevant legislation, statutory codes and guidance.
More Information by Sector
Due to certain variations for different sectors, this content is only relevant for Credit Institutions.
Due to certain variations for different sectors, this content is only relevant for Credit Unions.