FITNESS AND PROBITY ASSESSMENT

INTENSIVE PROGRAMME

SITUATION APPRAISAL

Regulated Financial Service Providers in Ireland are required to comply with the Fitness & Probity regime. This includes ensuring that only fit and proper persons are appointed to carry out Control Functions and ensuring that F&P obligations are complied with on an ongoing basis after someone has been appointed.

RFSPs need to understand the background and purpose of the F&P regime generally and their ongoing obligations specifically. Armed with that knowledge, they need to design, implement and test a F&P compliance framework that ensures they stay on the right side of their F&P obligations.

FITNESS AND PROBITY ASSESSMENT - INTENSIVE PROGRAMME

Objectives, Measures of Success & Value

Objectives:

A rapid deep-dive programme to assist RFSPs in designing, implementing and testing an effective and appropriate F&P compliance framework taking into account:

The Central Bank’s expectations regarding how F&P obligations are complied with upon appointment and on an ongoing basis; and
How peer RFSPs are approaching this task.

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Measures of Success:

RFSP will leave the Intensive Programme with:

Knowledge of the background and purpose of F&P generally and their obligations specifically.
A practical understanding of the ongoing obligations under F&P and of the Central Bank’s expectations regarding how RFSPs should oversee F&P compliance on an ongoing basis. A framework for constructing the firm’s F&P compliance programme.
Template F&P compliance policy.

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Value:

Minimise the risk of reputational damage and costly regulatory fines for breaching F&P regulatory obligations.
Design and build or test an existing F&P compliance framework that complies with regulatory requirements, Central Bank expectations and best practice.
Avoid the time and expense of trying to fix problems after the event. Get your oversight right from the outset.

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MEET YOUR FACILITATOR

This programme is delivered by Daniel Lawlor, Lead Advisor at Aquest. Daniel is the former Head of Funds Policy Team at the Central Bank of Ireland and, before that, Funds Lawyer at William Fry. He has 17 years’ experience in the financial services industry which was gained both from as a funds lawyer and financial regulator.

METHODOLOGY

PHASE 1

Setting us up for success

Client take-on process to include review of current approach or proposed approach to F&P compliance including prior to appointment and on an ongoing basis and up to 7 bios for management team

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PHASE 2

‘Lay of the land’ workshop

Interactive Workshop where:

background and purpose of F&P generally and F&P ongoing obligations specifically, including Central Bank expectations, are explained by the Facilitator; and
specific approach to be adopted by the RFSP is discussed and tested between ManCo’s F&P Compliance Team and Facilitator

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PHASE 3

Client Support

Rapid response access to Daniel Lawlor for 1 RFSP contact for 5 consecutive business days following the Interactive Workshop to address any follow up queries RFSP may have

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