Fitness & Probity clearance checks
Regulated Financial Service Providers (RFSP’s) will shortly have to certify that any person performing a controlled function (CF) complies with the Fitness and Probity Standards. Given the critical due diligence checks required in each case and the risk factors at stake for your organisation now is a good time to review whether you can meet these obligations. So that you can keep the focus of your organisation on track, you should be able to avail of fitness and probity clearance checks fast and ideally within 24hrs.
A useful way for RFSP’s to manage the obligations is to have a clearing house that effectively carries out the precise fitness and probity checks required. In this way a dedicated and experienced team handle all the checks on your behalf. In turn you will be able to demonstrate that the appropriate checks have been carried out independently and that you can meet your obligations.
Remember fitness and probity checks are crucial to ensure that you can rule out wide-ranging risk factors such as determining whether a person has been disqualified or restricted from acting as a director. Or whether a person has acted as a director of a company that was struck off the register. With the right checks you will be able to identify whether an individual has defaulted upon any payment or has an unsatisfied judgment debt registered against them in a personal capacity or against their interest in property. The results of these due diligence checks will help inform your decision regarding a person’s financial soundness.
The enhanced enforcement measures coming into effect for the Central Bank’s Fitness and Probity Regime from 31 December 2023 will bring enhanced procedures for fitness and probity investigations, suspensions and prohibitions. That’s why it’s more important than ever to review your current compliance procedures and processes to ensure you can meet the key requirements of the fitness and probity regime.
NEXT STEPS:
- Review your existing compliance processes.
- Do they meet the Fitness & Probity Standards?
- Could the process be improved upon?
- Are there any gaps in the process?
- Will more parties be captured in the enhanced ‘CF’ remit?
- Should you consider outsourcing due diligence checks?
- Are you going to be able to certify compliance with the Fitness & Probity regime from 31 December 2023?
Orion Risk has been conducting fitness and probity due diligence checks for our clients in the Financial Services Provider industry for over 30 years and is well placed to help with your fitness and probity regulatory requirements. Just ask for an Orion Risk report.
Contact us for a free consultation and we can discuss your specific needs and how Orion Risk offer a sound solution.