Ongoing Compliance for Brokers / Retail Intermediaries, Debt Management Firms

Note: The information on this page applies to Brokers / Retail Intermediaries and Debt Management Firms only.

Continuing Obligation to Comply

The 2010 Act prescribes a continuing obligation on Regulated Financial Service Providers (RFSPs) in relation to fitness and probity due diligence. RFSPs are responsible for ensuring that individuals performing CFs meet the F&P Standards, both prior to appointment and on an on-going basis, and for certifying same.

The Central Bank suggests that RFSPs require individuals performing CFs to undertake to notify the RFSP of any material changes in respect of initial due diligence carried out (see suggested agreement in Appendix 2 of the Guidance on Fitness and Probity Standards.) 

Where an RFSP becomes aware that there may be concerns regarding the fitness and probity of an individual performing a CF the Central Bank expects the RFSP to investigate such concerns and take action as appropriate without delay. The RFSP should also notify the Central Bank without delay of any action taken.

PCF Holder Information

RFSPs can view all PCF holders associated with the Firm via the Central Bank Portal i.e. current and previous PCF holders.

RFSPs are required to submit the following updates/changes through the Central Bank Portal:

  • an effective start date
  • a re-appointment date
  • notification where the approved individual is not taking up the role
  • change of residential address and/or
  • change in contact details.

Our Fitness and Probity Individual Questionnaire, Application and PCF Roles Guidance details how to complete such notifications.

Individuals Subject to Re-Appointment

Individuals who were In Situ at the time the new Fitness and Probity regime was introduced and were not required to submit an IQ will be required to submit an IQ if they are subject to re-appointment.

Once an individual has been approved to a role that is subject to re-appointment, he/she shall not be required to undergo the approval process again as long as he/she remains in that role. The board however will be required to confirm to the Central Bank upon re-appointment that his/her circumstances have not changed since pre-approval was granted.

Guidance on Fitness and Probity Standards and the Frequently Asked Questions on Fitness and Probity provides further information.

The RFSP should notify the Central Bank without delay of any action taken. 

PCF Annual Confirmation

As part of the continuing obligations in relation to fitness and probity, the PCF Confirmation submission is an annual confirmation required from each regulated financial service provider confirming that PCFs are compliant with the Fitness and Probity Standards and continue to agree to abide by those Standards. The PCF Confirmation must be submitted through the Central Bank of Ireland’s Portal.

View PCF Annual Confirmation Guidance

Resignations of Holders of Pre-Approval Controlled Functions

RFSPs are required to notify the Central Bank without delay of the resignation of an individual who held a PCF. Resignation notifications must be submitted through the ONR.

RFSPs should refer to our Fitness and Probity Individual Questionnaire, Applications and PCF Roles Guidance which details the requirements of the Central Bank for such notifications.

Temporary Officers

If a PCF role holder is unable to perform their role due to unforeseen circumstances, the firm can seek to have another suitable individual perform that role for a limited period. This requires prior agreement of the Central Bank pursuant to Regulation 11 of the Central Bank Reform Act, 2010 (Sections 20 and 22) Regulations, 2011 [S.I. No. 437 of 2011]. The steps that the firm must take are as follows:

The firm should refer to its succession and contingency plan in the first instance and identify a suitable individual to perform the PCF role which has become temporarily vacant.

The firm should contact the Central Bank to state that they wish to make a temporary appointment. In their contact, firms should:

Outline the circumstances that have given rise to the need for the temporary appointment.

Provide confirmation that the firm is satisfied on reasonable grounds that the person complies with the Fitness and Probity (F&P) Standards. In providing this confirmation, the firm should consider time commitments and other roles that the proposed temporary officer may already be performing.

Provide confirmation that the person has agreed to abide by the F&P Standards and will continue to do so whilst performing the PCF role.

Outline the period of time for which the appointment is requested (which should normally not extend past three months).

No Individual Questionnaire is required to be submitted in respect of an application for the appointment of a temporary officer.

If the Central Bank agrees to the request in light of the exceptional circumstances, a letter will issue to the firm regarding the appointment.

The firm should keep the situation under review and inform the Central Bank of any changes in respect of the appointment.

Guidance on Fitness and Probity standards provides further information.