PCF Assessment for Brokers / Retail Intermediaries, Debt Management Firms

Due to certain variations for different sectors, this content is only relevant for Broker Dealers / Retail Intermediaries, Debt Management Firms. Click here to find information for other sectors.

Brokers, Retail Intermediaries and Debt Management firms must seek the prior approval of the Central Bank before appointing an individual to a PCF.  The Individual must complete an online Individual Questionnaire (IQ) which is endorsed by the proposing firm and then submitted electronically to the Central Bank for assessment. 

Brokers, Retail Intermediaries and Debt Management firms must not offer to appoint an individual to perform a PCF until the Central Bank has approved the appointment in writing.

The IQ must be completed via the Central Bank of Ireland Portal (Portal).

The individual may be called to attend an interview with the Central Bank as part of the assessment process. Further details on the F&P assessment process including interviews can be found in our F&P Gatekeeper Process document.

Access to the Central Bank of Ireland Portal

Regulated Financial Service Providers (RFSPs) who currently have access to the Portal will require access to the Fitness and Probity section. If you do not currently have access, the Fitness and Probity Administrator in your firm will be able to provide you with this.

For new or existing RFSPs seeking access to the Portal for the first time, please follow the Institution One-Time Portal Set Up Instructions’,

IQ Process

  1. Complete the registration process for the Portal.
  2. Once logged in, the F&P Portal Administrator in your RFSP will provide you with the necessary permissions.
  3. The applicant completes the F&S Profile.
  4. The IQ is started by the proposer and is submitted to the applicant.
  5. The IQ is completed online by an applicant seeking to perform one or more PCF roles.
  6. Once completed, the IQ is returned by the applicant to the proposing entity. (except in the case of Sole Traders or Single Directors as set out below).
  7. A PCF holder in the proposing entity will review the IQ, complete a declaration on behalf of the proposing entity and submit the IQ to the Central Bank for assessment.

The ‘Fitness and Probity Individual Questionnaire, Application and PCF Roles Guidance’ provides further information in relation to the application process.

The IQ comprises of the 11 sections, some of which may not be relevant to an applicant, depending on their personal circumstances. 

Sole Traders/Single Directors

Applicants applying as a Sole Trader (PCF-10) or a Single Director in a Private Company Limited by Shares, are required to complete a mandatory declaration (Section 11of the IQ) and submit their IQ directly to the Central Bank for assessment.

Applicants applying for the role of Sole Trader (PCF-10) or a Single Director (PCF-01) in a Private Company Limited by Shares, are required to undergo Garda Vetting which will carried out by the National Vetting Bureau (NVB).

The eVetting steps:

Step 1: In conjunction with the IQ submission, the Applicant will be invited to complete the "Garda Vetting Invitation Form" as required by the NVB. A copy of the form will be issued by the Central Bank to Applicants via secure message on the Portal following the IQ submission. Applicants must complete in writing, sign and submit with relevant proof of identity (guidance on information required is included with the form) to the Central Bank. Fully completed forms and accompanying documentation are to be submitted via secure message on the Portal only as scanned versions or pictures. All messages should include the unique IQ reference number and the title “Garda Vetting documentation”.

Step 2: Following receipt of completed vetting information form and proof of identity, the Central Bank will validate and send the Applicant an email with a link inviting them to complete a "Vetting Application Form" on the Garda eVetting portal. This must be completed as soon as possible.

Step 3: The Applicant must complete and submit the Vetting Application Form online.

Step 4: The National Vetting Bureau will process the application and respond in due course with a "vetting disclosure" to the Central Bank. The Applicant will also receive an email at the same time confirming their application has been processed by the Gardaí.

Step 5: The Central Bank will review the vetting disclosure response and progress with the assessment of the IQ application.