The Central Bank of Ireland has announced the establishment of a dedicated Fitness and Probity Unit, which will be staffed by existing experienced Central Bank personnel.  The aim is for the new Unit to become operational from early January 2025, at the same time that other key changes to the Central Bank’s operating structure come into effect.

Plans to create a dedicated Fitness and Probity Unit were signposted by Central Bank Governor Gabriel Makhlouf at the July 2024 publication of the Report arising from Andrea Enria’s independent review of the Central Bank’s fitness and probity approval process.

For more information on the key recommendations made in the Enria Report, which are being actioned by the Central Bank, read our insights here: Fitness & Probity: Report published following independent review – Arthur Cox LLP.

We’ll publish further insights once more details on the new Unit become available.  In the meantime, please get in touch with our market-leading Financial Regulation and Financial Regulation: Investigation and Enforcement groups for practical, proactive guidance on your fitness and probity-related queries.

Arthur Cox LLP was delighted to announce the appointment of Denise Murray as Head of Financial Services Compliance and Regulatory Relations in November 2024.  Denise brings more than 20 years of regulatory and industry experience, including over 15 years at the Central Bank where her role included overseeing the Asset Management Supervision Division.  Denise leads the firm’s financial services compliance management and regulatory relations function, complementing our core legal and regulatory offering. This provides our clients with an integrated end-to-end service that benefits from both regulator and industry experience.