On 17 November 2020, the Central Bank of Ireland ("CBI") published on its website and sent to the management of regulated financial services providers ("firms") a "2020 Dear CEO Letter" that highlights its key findings resulting from a thematic inspection in relation to firms' compliance with requirements of the Fitness and Probity Regime ("F&P Regime").
The CBI has grouped the shortcomings identified under five key headings which are discussed in the briefing below:
- Role of the board in the fitness and probity process;
- Conducting due diligence;
- Outsourcing of roles subject to the fitness and probity regime;
- Engagement with the CBI; and
- The role of the Compliance function.
Our briefing on the "2020 Dear CEO Letter" outlines the key points under each of these headings and extracts action items for firms.
Click here to download our full briefing.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
