Annual Fitness & Probity Due Diligence
Tue Nov 5 2019
Under the Central Bank’s Fitness & Probity requirements, on an annual basis firms must carry out an audit of persons who hold a PCF( Pre-Approved function) or CF (Controlled Function) role within their brokerage. All persons who act as a PCF or CF should be asked to certify that they are aware of Fitness and Probity Standards and that they agree to continue to abide by those Standards. They are also required to confirm whether they are aware of any material developments in relation to their compliance with the Fitness & Probity Standards since due diligence was last carried out.
All persons holding a PCF/CF must read the Fitness & Probity Standards and complete the required Controlled Function Annual Declaration. This declaration is required to be completed on letterhead and retained on file.
NOTE: There will be a separate requirement to submit an annual PCF declaration on the Central Bank’s online reporting system – this is normally completed in Jan/Feb. Brokers Ireland will update members when this return is available for completion.