Legislative Requirements and Guidance for Brokers / Retail Intermediaries, Debt Management Firms

Due Diligence and Disclosure Requirements for PCF Applications  

RFSPs should not submit an IQ to the Central Bank until they have carried out all necessary due diligence enquiries and are satisfied as to the individual’s fitness and probity for the proposed role.  

Individuals are required to be candid and truthful and to provide a full, fair and accurate response to all questions in the IQ.  

Applications should disclose all information, relevant and potentially relevant, to the Central Bank for assessment of the individual’s fitness and probity for the proposed role.  Where there is any doubt as to the materiality of a piece of information, it should be disclosed and explained. The Central Bank will challenge RFSPs and individuals if they fail to make full disclosures in the IQ. The Central Bank takes non-disclosure seriously, especially where there is an apparent attempt to mislead. This may call into question not only the individual’s suitability but also the firm’s decision to propose the individual in question.  

Failure to provide sufficient information in the IQ may result in delay in the assessment of PCF applications.  

Please see the Fitness and Probity Individual Questionnaire, Applications and PCF Roles Guidance (PDF 1.67MB) for further information. 

Assessment of PCF Applications  

When an IQ is received, the Central Bank conducts a desk-based assessment of the individual’s fitness and probity for the proposed role. This includes assessing the individual’s experience, qualification and skills for the particular role and their compliance with the Fitness and Probity Standards. 

This assessment involves reviewing the IQ and supporting documentation submitted by the proposing RFSP/ holding company. We may need to gather additional information to further inform our assessment. This may include requesting the individual (and specified officer/employee of the applicant firm) to produce certain information/documents, answer questions or attend for interview(s).  

Further details on the interview process are available in our Fitness and Probity Interview Guide (PDF 533.68KB).  

Outcome 

If the Central Bank is satisfied an individual meets the fitness and probity requirements for the proposed PCF role, the Central Bank will issue a notice approving the appointment. 

If the Central Bank is not satisfied that an individual is of appropriate fitness and/or probity to perform the PCF role, the Central Bank may refuse the appointment of the individual. A refusal to approve the appointment by the Central Bank is an appealable decision to the  Irish Financial Services Appeals Tribunal.  
 
For further details of the application process, individuals and RFSPs should refer to: