Central Bank to review ‘fitness and probity’ regime after tribunal issues scathing critique

The Irish Financial Services Appeals Tribunal said the rejection of an appointment was not constitutionally fair

The Irish Financial Services Appeals Tribunal, which is chaired by former Supreme Court judge John MacMenamin, said the central bank’s decision-making process was “flawed”.

The Central Bank has commissioned an independent review into its fitness and probity (F&P) regime after a tribunal found serious flaws in its process.

In a statement the bank said the F&P regime, which gives the regulator the ability to accept or reject individuals for key decision making and customer facing positions, has evolved, but is over a decade old. It added that it had commissioned a review to “ensure that it remains effective into ...