Thursday 11th July – Banking & Payments Federation Ireland welcomes today’s publication of the independent review of the Central Bank of Ireland’s (CBI) Fitness and Probity (F&P) regime, undertaken by Mr Andrea Enria, the former Chair of ECB Supervisory Board.
Speaking on the publication of the report, Brian Hayes, Chief Executive said: “We welcome today’s recommendations on the Fitness and Probity regime from Mr Enria, which outlines proposed enhancements to the current system which will strengthen the efficiency, transparency and accountability of the F&P process. We particularly welcome the proposal to create a new F&P gatekeeping unit to consolidate all F&P gatekeeping processes in a single location as well as the recommendation of holding regular workshops with firms and potential candidates.”
“The CBI’s F&P regime has had many positive effects by making the standards to which those in senior positions in regulated financial service providers are made clear. Additionally, the CBI’s ‘gatekeeper’ role provides essential protection for stakeholders, including customers and investors. Having said that, the regime is now over a decade old and we welcomed the timely opportunity to provide considered industry feedback to Mr Enria during the review process and to outline where improvements could be made for the benefit of industry, the CBI and customers. We are pleased to see this feedback reflected in today’s report.”
About the Fitness and Probity (F&P) regime
The F&P regime was established by the CBI in 2010 with the aim of ensuring that individuals in key roles within regulated entities in the financial sector are fit and proper to carry out their responsibilities. In the last four years (2020-2023), the CBI has approved over 11,000 individual roles. The report by Mr Enria outlines a number of recommendations to the CBI as to how the system is operated to provide clarity around supervisory expectations, strengthen internal processes and ensure fair and transparent procedures are strongly embedded in supervisory culture.
The CBI has stated that the recommendations of the review will be implemented over the coming months and should be in place by the end of the year (2024).
ENDS/
For information contact: Fiona Murphy, Head of Communications, fiona.murphy@bpfi.ie 087 9740046 or Jillian Heffernan, Director of Communications, jillian.heffernan@bpfi.ie 087 9016880.
About BPFI: Banking & Payments Federation Ireland (BPFI) represents the banking, payments and fintech sector in Ireland. Together with its affiliates, the Federation of International Banks in Ireland and the Fintech & Payments Association of Ireland, BPFI has over 125 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.
