1. Fitness and Probity Updates
IFSAT publishes decision on the Central Bank's
decision to refuse a PCF application under its Fitness and Probity
Regime
On 14 February 2024, the Central Bank of Ireland
("Central Bank") published a statement concerning a
judgment delivered by the Irish Financial Services Act Tribunal
("IFSAT") in relation to a decision by
the Central Bank to refuse an individual's application for a
pre-approved control function ("PCF")
role under the Fitness and Probity
("F&P") regime. IFSAT found a number
of issues with how the Central Bank handled the application and
returned the application to the Central Bank for reassessment.
IFSAT's decision in this matter
represents a detailed consideration of fundamental procedural and
substantive questions regarding the F&P process. Specifically,
the decision:
