The Central Bank recently published a notification on its website drawing financial service providers’ attention to the requirement under the fitness and probity regime for certain information to be provided to the Central Bank when a person occupying a pre-approval controlled function (“PCF”) resigns.
These requirements are not set out in the Fitness and Probity Regulations, Standards or Guidance published by the Central Bank.
Section 12 (Proposer Declaration) of the applicant’s individual questionnaire (the “IQ”) requires the “proposer” of an applicant to a PCF to:
“Please confirm the proposing entity will notify the Central Bank of Ireland without delay of the resignation of the proposed applicant, including confirmation of the reason(s) for the resignation”.
Under the new rules, the following information which must be submitted to the Central Bank when a PCF holder resigns:
- full name of person resigning;
- financial service provider name and number;
- PCF held;
- date of resignation;
- reason given for resignation (including copy of resignation letter);
- contact details of the person resigning, including email address and postal address (the Central Bank may contact the resigned PCF in the course of the regulation of the financial service provider); and
- contact details of the financial service provider.
This information should be submitted to the relevant supervisory department in the Central Bank rather than the Regulator Transactions Unit which otherwise deals with fitness and probity matters.