A new Fitness and Probity Regime for Credit Unions will come into effect on 1 August 2013 and will be fully implemented by 1st August 2016. The sickness and probity regime for credit unions will be implemented in two phases:
the first phase will commence on 1st August 2013, and will introduce fitness and probity requirements for those credit unions with total assets greater than €10 million;
the second phase will commence on 1st August 2015 when all remaining credit unions will be brought within the scope of the regime.
On the 1st August 2015, credit unions that are also authorised as retail intermediaries will become subject to the fitness and probity regime that applies to all other retail intermediaries. The purpose of this regime is to ensure that individuals who are in senior positions within the credit union are competent and financially sound, and will bring the appropriate skill set, expertise and experience to manage a credit union.
The Fitness and Probity Regulations for Credit Unions identify those functions that come within the scope of the Fitness and Probity regime. The Regulations apply to Controlled Functions and pre-Approved Controlled Functions.