PCF Assessment for Credit Unions

Due to certain variations for different sectors, this content is only relevant for Credit Unions. Click here to find information for other sectors.

Pre-approval

Credit unions must seek the prior approval of the Central Bank before appointing/electing an individual to a PCF.  The Individual must complete an online Individual Questionnaire (IQ) which is endorsed by the proposing credit union and then submitted electronically to the Central Bank for assessment. 

A credit union must not offer to appoint an individual to perform a PCF until the Central Bank has approved the appointment in writing.

The IQ must be completed online and can be accessed through the Central Bank Portal (Portal).

The individual may be called to attend an interview with the Central Bank as part of the assessment process. Further details on the interview process are available in our Fitness and Probity Interview Guide.

Access to the Central Bank Portal

Credit unions that currently have access to the Portal will require access to the Fitness and Probity section. If you do not currently have access, the Fitness and Probity Administrator in your credit union will be able to provide you with this.

The Fitness and Probity Administrator must be one of the following:

  • The chair of the board of directors;
  • The manager; or
  • The chair of the nomination committee.

IQ Process

  1. Complete the registration process for the Portal.
  2. Once logged in, the F&P Portal Administrator in your Credit Union will provide you with the necessary permissions.
  3. The applicant completes the F&P Profile.
  4. The IQ is started by the proposer and is submitted to the applicant.
  5. The IQ is completed online by an applicant seeking to perform one or more PCFs. 
  6. Once completed, the IQ is returned by the applicant to the proposing credit union. 
  7. A CU-PCF holder in the proposing credit union will review the IQ, complete a declaration on behalf of the proposing credit union and submit the IQ application to the Central Bank for assessment.

The ‘Fitness and Probity Individual Questionnaire, Applications and PCF Roles Guidance’ provides further information in relation to the application process. 

The Individual Questionnaire comprises of 11 sections, some of which may not be relevant to an applicant, depending on their circumstances.