Central Bank Communication in Relation to Fitness & Probity Requirements
Thu Apr 11 2019
The Central Bank has written to the management of all regulated financial services firms reminding them of their legal obligations under the Fitness and Probity (F&P) regime. The fitness & Probity regime was introduced in 2010 to ensure that individuals who work in regulated firms meet the highest standard of competence, integrity and honesty. A copy of the “Dear CEO” letter is available here. (Members Area/Compliance/ Industry Correspondence/ Letter to Brokers)
The Central Bank expect that firms review the issues set out in the letter and, together with their boards, review their own fitness and probity policies, procedures and practices and address any shortcomings. Members must document this review and should be able to demonstrate how the issues that the Central Bank have raised have been considered at board level, and to explain and evidence any remedial actions taken.
For your reference, the Central Bank guidance on the Fitness & Probity Standards is available here.