Fitness probity what is it?
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The Fitness and Probity Regime was introduced by the Central Bank to ensure that individuals in senior positions in regulated firms meet the high standards of competence, integrity and honesty expected of them. This includes Controlled Functions (“CFs”) and Pre-approval Controlled Functions (“PCFs”).
- The core function of the Fitness and Probity Regime is to ensure that individuals in key and customer facing positions (referred to in the legislation as Controlled Functions (CFs) and Pre-Approval Controlled Functions (PCFs)) within a Regulated Financial Service Provider (Regulated Firm) are competent and capable, honest, ethical and of integrity and also financially sound.
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