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ARTICLE · 22 NOVEMBER 2024

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Financial Services Regulatory Update – October 2024 Round Up

McCann FitzGerald LLP
McCann FitzGerald LLP
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McCann FitzGerald LLP

McCann FitzGerald LLP

McCann FitzGerald LLP’s London office acts for Irish, UK and international clients on Irish law...

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On 17 October 2024, the Central Bank of Ireland (the "CBI") published its fitness and probity ("F&P") performance report (here) for H1 2024.

IrelandFinance and Banking
Josh Hogan
Josh Hogan
Darragh Murphy
Darragh Murphy
Mark White
Mark White
Iain Ferguson
Iain Ferguson
Fergus Gillen
Fergus Gillen
Adrian Farrell
Adrian Farrell
Anna Moran
Anna Moran
Morgan Dunne
Morgan Dunne
Clare Gillett
Clare Gillett
General Updates

CBI publishes F&P Performance Report for H1 2024

On 17 October 2024, the Central Bank of Ireland (the “CBI”) published its fitness and probity (“F&P”) performance report (here) for H1 2024. The report provides information in relation to the processing of applications for pre-approval controlled functions (“PCFs”) during H1 2024. The report aims to help maintain transparency and clarity in the CBI's assessment of PCF applications.

The CBI aims to approve PCF applications within 90 calendar days. During H1 2024, 80% of all PCF applications were approved within 90 calendar days. The average processing time was 53 calendar days, with the shortest period for assessment being one day and the longest period for assessment being 343 days. Notably, the CBI has demonstrated efficiency in processing PCF applications not linked to firm authorisations, with a 96% approval rate within the 90-day target.

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