Ongoing Compliance for Regulated Financial Service Providers

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

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.

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.)

The Central Bank recommends that RFSPs carry out an audit on an annual basis of persons performing CFs.

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 Online Reporting System (ONR) i.e. current and previous PCF holders.

RFSPs are required to submit the following updates/changes through the ONR:

• an effective start date
• a re-election/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 PCF Information Guidance (including Instructions)) details how to complete such notifications.

Quick "How To" guides are also available to assist you in completing your return.

Individuals Subject to Re-Election/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-election/re-appointment.

Once an individual has been approved to a role that is subject to re-election/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-election/re-appointment that his/her circumstances have not changed since pre-approval was granted.

Section 3 of the 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.

Annual PCF Confirmation Return

As part of a firm's Fitness and Probity obligations, all RFSPs are required to submit an Annual PCF Confirmation Return to the Central Bank via the Online Reporting System (ONR). The Return provides for the Board to confirm that each active PCF Holder within RFSP is compliant with the Fitness and Probity Standards and that they continue to agree to abide by those Standards.

The Return sets out a list of all active Holders within the firm as at Year end (as per the records of the Central Bank).

The submission dates for the Annual PCF Confirmation Return are detailed on the ONR system.

Please note that the requirement of the Board to confirm to the Central Bank upon re-election/re-appointment of a PCF holder that his/her circumstances have not changed since pre-approval was granted, will also be covered by the completion of this return.

RFSPs should refer to our Annual PCF Confirmation Guidance including Instructions which details the requirements of the Central Bank for such notifications.

A quick "How To" guide is also available here to further assist you in completing your return.

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

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 PCF Resignation Guidance (including Instructions) which details the requirements of the Central Bank for such notifications.

A quick "How to - Resignation" guide is also available to assist you in completing your return.