Irish Firms Told To Ensure Senior Managers Fit For Roles

Law360, London (November 18, 2020, 4:50 PM GMT) -- The Central Bank of Ireland has told the country's financial sector to improve the way it evaluates senior managers after finding that many institutions are falling short on so-called fitness and probity standards.

Ireland's financial watchdog said on Tuesday that finance companies are failing to comply with the national fitness and probity regime. The standards, introduced in 2010, protect consumers by requiring employees in senior functions at regulated businesses to be competent, capable, honest and ethical. They also require senior managers to act with integrity and be financially sound.

But the central bank said it had found shortcomings in the way...

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