Finalised Fitness And Probity Standards And Guidance Published

The Central Bank of Ireland (CBI) has published:

• a Feedback Statement to its consultation on proposed amendments to the Fitness and Probity regime (CP160);
• finalised Guidance on the Standards of Fitness and Probity (the Guidance); and
• consolidated Fitness and Probity Standards (the Standards).

See our previous insights posts here and here.

Feedback statement

In the Feedback Statement, the CBI clarifies its expectations and outlines the main revisions to the finalised Guidance. Key points from the Feedback Statement and the Guidance are as follows:

• Temporary officers
  • Notwithstanding that firms should have adequate succession plans for prescribed pre-approval controlled functions (PCF), the CBI recognises that recruitment and market conditions can necessitate alternative arrangements in certain circumstances. As such, the Guidance now facilitates the appointment of a temporary officer to perform a PCF role by way of an arrangement agreed