What is fitness and probity Standards?
The Fitness and Probity Regime was introduced by the Central Bank to ensure that individuals in senior positions in regulated firms meet the high standards of competence, integrity and honesty expected of them. This includes Controlled Functions (“CFs”) and Pre-approval Controlled Functions (“PCFs”).
What is a PCF central bank?
Notice I COVID-19 and Pre-approval Controlled Functions (PCF) The Fitness and Probity Regime applies to persons in senior positions, known as Controlled Functions (CFs) and Pre-Approval Controlled Functions (PCFs), within Regulated Financial Service Providers (RFSPs).
What is a pre-approval controlled function?
Pre-approval Controlled Functions (PCFs) A Firm must obtain the Central Bank’s approval before appointing a person to a PCF role and the Central Bank will hold the appointing Firm responsible for any non-compliance with this obligation.
What is a PCF holder?
People occupying a pre-approval controlled function (PCF). The list of PCFs includes forty-two senior positions in the financial sector, including chief executives, company directors, chairs of the board or other committees such as audit, risk and remuneration, and. People occupying a controlled function (CF).
Who does the consumer protection code apply to?
The Consumer Protection Code is a set of rules and principles that all regulated financial services firms must follow when providing financial products and services to consumers. The provisions of the Consumer Protection Code came into effect on 01 July 2007.
What is fitness and propriety?
Fitness and propriety definition and sources of information which encompass honesty, integrity, reputation, capability and financial soundness. Fitness and propriety assessment principles which potentially provide the basis for an internal audit terms of reference.
What are PCF roles?
PCF-39C: Designated person with responsibility for Fund Risk Management. PCF-39D: Designated person with responsibility for Investment Management. PCF-39E: Designated person with responsibility for Distribution. PCF-39F: Designated person with responsibility for Regulatory Compliance.
What PCF 39?
It makes clear the ultimate oversight role of directors and identifies that designated persons are responsible for monitoring and control of each of the six managerial functions on a “day-to-day” basis. …
Does the consumer protection code apply to banks?
On 19 October 2011, the Central Bank of Ireland published a revised Consumer Protection Code (2012 Code), which came into effect from 1 January 2012 for regulated entities including banks, insurance and investment companies and intermediaries.
What does the consumer protection code apply to?
The Consumer Protection Code (‘the Code’) is a set of principles and rules that financial services firms must follow when they: › Provide financial products and services to you › Give you financial information and advice › Advertise financial products or services › Handle your complaints.
What are the 5 conduct rules?
First tier – Individual Conduct Rules
- Rule 1: You must act with integrity.
- Rule 2: You must act with due skill, care and diligence.
- Rule 3: You must be open and cooperative with the FCA, the PRA and other regulators.
- Rule 4: You must pay due regard to the interests of customers and treat them fairly.
What is fit and proper?
The concept of a ‘fit and proper’ person is a fundamental one in many professions, jurisdictions and organisations as it is used to determine a person’s honesty, integrity and reputation in order to confirm that they are fit and proper for the role they are undertaking.
Where does the fitness and probity regime apply?
The Fitness and Probity Regime applies to persons in senior positions (referred to in the legislation as Controlled Functions (“ CFs ”) and Pre-Approval Controlled Functions (“ PCFs ”) within regulated financial service providers (“ RFSP ”).
What are the standards of fitness and probity?
Standards of Fitness and Probity The Standards of Fitness and Probity set the benchmark for considering the fitness, probity and financial soundness of people appointed to a PCF or a CF and may form the basis for refusing to approve the appointment of a person to a PCF or for removing or prohibiting someone from a CF if they do not meet those
Why did the Central Bank introduce fitness and probity?
The Fitness and Probity Regime was introduced by the Central Bank under the Central Bank Reform Act 2010 (the 2010 Act). It is critical to the protection of the public interest and to ensuring there is public trust and confidence in the financial system.