On 20 May 2011, the Irish Funds Industry Association (the “IFIA”) submitted an industry response to Consultation Paper 51 (“CP 51”) which was issued by the Central Bank seeking views on proposed new statutory standards of fitness and probity relating to individuals in regulated financial services providers.

The response sets out comments on certain matters raised in CP 51 relating to:

  • Controlled Functions (“CFs”) and the need to prescribe certain functions as CFs.
  • HR issues that may arise and in particular, the costs and issues involved should existing persons holding Pre-Approved Controlled Functions (“PCFs”) or CFs need to be removed following assessment by the Central Bank.
  • Processing of fitness and probity Applications and the timescale for processing Individual Questionnaires.
  • Timing of implementation and in particular, a request that regulated financial service providers be given until 31 March 2012 to submit lists of PCFs and confirm that their current CFs are fit and proper.