In line with the Central Bank's new fitness and probity regime, which comes into effect on 1 December 2011, the Central Bank has issued a revised form of Individual Questionnaire (IQ) which will apply from the same date.
Appointments to the position of director or senior manager within financial service firms are required to complete this questionnaire which must be endorsed by the financial service firm and submitted for approval to the Central Bank. The purpose of the IQ is to ensure that, in the words of the Central Bank, "such persons have the necessary qualifications, skills and experience to perform the duties of their position and are honest, fair and ethical".
The new form of IQ was prepared following a consultation process, to which A&L Goodbody among others contributed feedback, and is currently available on the Central Bank's website where it is described as "Draft Individual Questionnaire". It will be an online application form to replace the current paper form of IQ. The Central Bank state that it will be accessible via the Central Bank website through the online reporting system and will be accompanied by a full guidance manual which has not yet been published.
For a link to the new form, please click here.