The Central Bank has published guidance on the PCF resignation process. The Guidance provides instructions for RFSPs on how to notify the Central Bank of the resignation of an individual who is approved to hold a PCF. Resignation notifications are submitted through the ONR system. 

The Guidance sets out the following:

  • RFSPs are required to notify the Central Bank without delay of the resignation of an individual who held a PCF;
  • Details of the resignation will need to be provided including the effective date of the resignation and the reason for the resignation via a drop down menu in the ONR system, eg terms of appointment expired, career change, etc. If either of the options “performance issues” or “other” are selected, further details must be provided;
  • The RFSP must provide a declaration that it has informed the resignee of his / her right to contact the Central Bank concerning the reasons for his / her departure;
  • Depending on the industry sector, certain additional documents must be uploaded; and
  • Credit institutions and insurance / reinsurance undertakings are required to upload a letter of confirmation signed by the resignee, confirming that at the time of resignation there were no outstanding issues between the resignee and the regulated entity or its board of directors.

Please click here to view the Guidance in full.