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ARTICLE · 09 NOVEMBER 2011

Fitness And Probity In Financial Services

Matheson
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The Central Bank Reform Act 2010 provides the Central Bank with a range of powers regarding fitness and probity for persons in certain positions within the financial services sector. The Bank is empowered to:

IrelandFinance and Banking
Joe Beashel
Joe Beashel
Paul Glenfield
Paul Glenfield
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The Central Bank Reform Act 2010 provides the Central Bank with a range of powers regarding fitness and probity for persons in certain positions within the financial services sector. The Bank is empowered to:

  • Approve or veto the appointment of people to certain positions
  • investigate and where appropriate remove or prohibit certain provisions holders; and
  • set statutory standards of fitness and probity across the financial services sector.

The Central Bank has now published Regulations and a set of Standards of Fitness and Probity setting out various requirements.

  • Central Bank Reform Act 2010 (Sections 20 and 22) Regulations 2011 (SI 437/2011).
  • Fitness and Probity Standards Code under Section 50 of the Central Bank Reform Act 2010

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