Fitness & Probity: Independent Review Recommends Reforms

An independent review of the Central Bank's Fitness and Probity (F&P) approval process has concluded, with the report (Report) identifying a number of recommendations for the future conduct of the process. The recommendations focus on the clarity of supervisory expectations, internal governance and the fairness, efficiency and transparency of the process.

IFSAT Decision

The Report was commissioned following a judgment by the Irish Financial Services Appeals Tribunal (IFSAT), an independent tribunal which determines appeals in respect of certain decisions made by the Central Bank of Ireland (CBI),

Our February 2024 briefing detailed the IFSAT judgment, which identified a number of issues with the CBI's approach in refusing applications for appointment to positions designated as pre-approved control functions (PCFs) under the F&P regime. It held that the decision by the CBI was flawed on account of an absence of fair procedures, with concerns raised including;