Home Knowledge Central Bank of Ireland’s “Dear CEO Letter” on the Fitness and Probity Regime

Central Bank of Ireland's "Dear CEO Letter" on the Fitness and Probity Regime

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:

  1. CEOs and the boards of firms to be in a position to explain how the issues raised in the Letter have been considered; and
  2. demonstrate the steps taken to address any shortcomings.