The “Dear CEO Letter”
On 8 April 2019, the Central Bank of Ireland (“CBI”) published on its website and sent to the management of regulated financial services providers (“firms”) a “Dear CEO Letter” addressing firms’ obligations under the Fitness and Probity Regime (the “F&P Regime”) which became effective in 2012 under the Central Bank Reform Act 2010 (the “2010 Act”).
The CBI notes a lack of general awareness amongst firms of their obligations under the F&P Regime and highlights particular areas where compliance has been found to be lacking.
Action required by the Firm
The CBI explicitly states in the “Dear CEO Letter” that it expects:
- CEOs and the boards of firms to be in a position to explain how the issues raised in the Letter have been considered; and
- demonstrate the steps taken to address any shortcomings.
