The Compliance Files - Episode 16

The Minister for Finance, Paschal Donohoe TD, received agreement from his Cabinet colleagues to approve the drafting of the Central Bank (Individual Accountability Framework) Bill on Tuesday 27th July 2021, the main purpose of which is to improve accountability in the financial sector.  In the 4th episode in the ‘Voice of Compliance’ series, we are delighted to have James Meagher, Head of Compliance and Conduct Risk at Permanent TSB and Orla O'Connor, Chair and Partner, Finance and Financial Regulation, Arthur Cox speak to ACOI President, Kathy Jacobs on the legislative and regulatory framework for Fitness and Probity, the Central Bank's Dear CEO Letters, changes to the Fitness & Probity regime given the imminent approach of the SEAR regime and what firms should do in anticipation of and preparation for SEAR.

SEAR Press Release

One of the roles of the Central Bank of Ireland is to assess the suitability (i.e. fitness and probity) of individuals put forward for certain senior roles (called preapproval controlled functions or ‘PCFs’) in regulated firms. As part of their assessment, they hold one or more interviews with a PCF applicant. This Guide provides an overview of the fitness and probity interview process, what to expect on the day of the interview and what happens after an interview. 

F&P Interview Guide