Recommendations To Reform The Fitness And Probity Approval Process

The Governor of the Central Bank has endorsed all twelve recommendations in the report of an independent review of the fitness and probity (F&P) assessment process.

Following a finding by the Irish Financial Services Appeals Tribunal (IFSAT) that the Central Bank of Ireland (Central Bank) breached constitutional and natural justice in a F&P assessment process, the Governor of the Central Bank commissioned an independent review of the F&P approval process. The findings of the independent review include twelve key recommendations which will be of interest to both firms and applicants for F&P approval.

IFSAT Decision

On 14 February 2024, IFSAT found on appeal that a Central Bank F&P approval assessment process breached constitutional and natural justice requirements under administrative law.