Director wannabes face a tougher IFSRA test

FINANCIAL services regulator IFSRA is planning a shake-up of how it judges the competency of individuals who apply to become company directors.

The regulator yesterday proposed several changes as to how it judges the “fitness and probity” of individuals looking to become senior managers and directors of financial services firms. Under Irish and EU laws, anyone looking to become a director must pass a test set by the regulator to ensure they have the competency and integrity.

“Customers must be able to trust their financial services providers to protect their interests and treat them fairly,” IFSRA chief executive Liam O’Reilly said yesterday.