Legislative Requirements and Guidance for Brokers / Retail Intermediaries, Debt Management Firms

Note: The information on this page applies to some sectors only. Check the information for your sector.

Gatekeeper function

One of the roles of the Central Bank is to assess the suitability (i.e. fitness and probity) of individuals put forward for certain senior roles (PCFs) in RFSPs.

Firms are not permitted to appoint an individual to perform a PCF role unless the Central Bank has approved this appointment in writing. The Individual Questionnaire (‘IQ’) must be completed and submitted online via the Central Bank Portal.

Individuals should be candid and truthful and provide a full, fair and accurate response to all questions in the IQ. RFSPs should not submit an IQ to the Central Bank until they have carried out all necessary due diligence enquiries and are satisfied as to the individual’s fitness and probity for the proposed role.

RFSPs should disclose all information, relevant and potentially relevant, to the Bank for assessment of the individual’s fitness and probity for the proposed role. RFSPs should also be aware of the following provided in the Fitness and Probity Individual Questionnaire, Applications and PCF Roles Guidance:

“Where a RFSP has a doubt as to the materiality of a piece of information in this regard, this should be disclosed and explained. The Bank will challenge RFSPs and individuals if they fail to make full disclosures in the IQ. The Bank takes non-disclosure seriously, especially where there is an apparent attempt to mislead. This may call into question not only the individual’s suitability but also the firm’s decision to propose the individual in question.”

Delays in application assessment may occur if insufficient information is provided in the IQ.

When an IQ is received, we conduct a desk-based assessment of the individual’s fitness and probity for the proposed role. This assessment involves reviewing the IQ and supporting documentation submitted by the proposing RFSP. We may also gather additional information to further inform our assessment. This may include requesting the individual (and specified officer/employee of the applicant firm) to produce certain information/documents, answer questions or attend for interview(s). Further details on the interview process are available in our Fitness and Probity Interview Guide.

We assess the individual’s fitness and probity for the PCF in the proposing RFSP. This includes assessing the individual’s experience, qualification and skills for the particular role and their compliance with the Fitness and Probity Standards.

If the Central Bank is not satisfied that an individual is of appropriate fitness and/or probity to perform the PCF, the Central Bank may refuse the appointment of the individual. A refusal to approve the appointment by the Central Bank is an appealable decision to the Irish Financial Services Appeals Tribunal.

For further details of the application process, individuals and RFSPs should refer to:

Legislation

Act

The Central Bank Reform Act 2010

Regulations and Codes

Fitness and Probity Standards (Code issued under Section 50 of the Central Bank Reform Act 2010)

Principal Regulations 2011 (S.I. No. 437 of 2011)

Amending Regulations 2011 (S.I. No.615 of 2011)

Central Bank Reform Act 2010 (Procedures Governing the Conduct of Investigations) Regulations 2012

Amending Regulations 2014 (S.I. No. 394 of 2014)

Amending Regulations 2015 (S.I. No 545 of 2015)

Amending Regulations 2020 (S.I. No 410 of 2020)

Amending Regulations 2022 (S.I. No 169 of 2022)

Amending Regulations 2023 (S.I. No. 663 of 2023)

Holding Companies Regulations 2023 (S.I. No. 664 of 2023)

Certification Regulations 2024 (S.I. No. 2 of 2024)

Consumer Protection Codes

Introduction to Minimum Competency and the Minimum Competency Code

 List of PCFs and CFs

List of Pre-Approval Controlled Functions December 2023 | pdf 413 KB List of Pre-Controlled Functions | pdf 216 KB

Guidance

Fitness and Probity Interview Guide | pdf 546 KB Guidance on Fitness and Probity Standards 2023 | pdf 927 KB Guidance on Investigations under Part 3 of the Central Bank Reform Act 2010 (2011) | pdf 988 KB Guidance on Fitness and Probity Amendments 2014 | pdf 757 KB Fitness and Probity - Frequently Asked Questions 2018 | pdf 1115 KB Fitness and Probity Individual Questionnaire | pdf 961 KB F&P Individual Questionnaire, Applications and PCF Roles Guidance | pdf 1750 KB Introduction of Pre-Approval Controlled Functions (PCFs) - December 2023 | pdf 209 KB Amendments to the List of Pre-approval Controlled Functions (PCFs) - December 2023 | pdf 428 KB