Fitness and probity
The challenge continues
Deloitte have provided assistance to many institutions implementing the new fitness and probity requirements including the assessment of over 200 pre-approved control functions.
The Central Bank Reform Act 2010 introduced a revised and significantly enhanced fitness and probity regime, which applies to all Regulated Financial Services Providers (RFSP) authorised by the Central Bank of Ireland (CBI) with the exception of Credit Unions. A number of Statutory Instruments, a set of standards and detailed guidance provide the ground rules on how to comply with the revised regulation in relation to the level of fitness and probity of both senior management and staff. The new regime is reflective of that implemented in the UK, but in parts, may be viewed as more stringent and far reaching. However, the requirements are in line with recent European standards.