The Central Bank of Ireland is responsible for the regulation of most financial service firms (financial service providers) in Ireland.
The first step for a firm or individual proposing to provide a financial service in Ireland is to ascertain whether they need an authorisation/licence/approval from the Central Bank.
We encourage all applicants, particularly for major financial service providers, to seek their own legal advice in determining whether or not their proposed business requires authorisation.
In addition, we would encourage any applicant to meet with us early in the process, particularly if the proposed business is of a complex or unusual nature in order for any issues of concern to be addressed before a formal application in submitted.
The Authorisation and Supervision Process
Fitness & Probity Requirements
Another area of interest to new entrants to the Irish financial services industry will be the Fit and Proper requirements. EU and Irish law require that the Directors and Managers of financial service providers regulated by the Central Bank meet standards of competence and probity. These standards are usually referred to as "fit and proper" standards.
A new Fitness and Probity Regime was introduced on 1 December 2011 and will be fully implemented by 1 December 2012. For more information about the process and to submit a Fitness and Probity Individual Questionnaire, please see our Fitness and Probity section.