In July 2018 the Central Bank of Ireland (“CBI”) announced its intention to introduce an Individual Accountability Framework (“IAF”) and Senior Executive Accountability Regime (SEAR), with draft legislation released in July 2021.
In preparation for the introduction of the IAF, the CBI has considered changes required to the existing list of PCF roles applicable to relevant Regulated Financial Service Providers “RFSPs”. As part of this review, on 22 September 2021, the CBI published its Notice of Intention to amend the list of current PCF roles. This announcement follows on from the publication of Additions to the list of Pre Approval Controlled Functions published in October 2020.
Firms must now consider the impact specific to their PCF structure against these key changes and where necessary ensure appropriate steps are taken, in order to address both the current F&P requirements and to prepare for the introduction of the IAF.