Technical glitch in Central Bank’s probity regime

The Central Bank has encountered technical problems which have forced it to push back the deadline for firms to submit a key document in the regulator’s fitness and probity regime.

The deadline for the pre-approval controlled functions return has been changed from April 30 to June 30. In a statement, a spokesperson for the Central Bank said that, due to technical issues, banks had been unable to submit their pre-approval controlled functions forms through the normal online channel.

“Due to technical issues, a number of pre-approval controlled functions returns are currently unavailable on the online reporting system. We would like to apologise for any inconvenience that this may cause. We are working to rectify this problem and will update you via online reporting when these issues have been resolved. Please note that regulated financial service providers continue to have access to the individual questionnaire on online reporting,” the spokesperson said.

The pre-approval controlled functions were introduced last year as part of the Central Bank’s new fitness and probity regime.

The return of the form is to ensure that all banks, credit unions and insurance providers are compliant with the regulator’s fitness and probity standards and continue to agree to abide by those standards.

The pre-approval controlled functions is essentially a written declaration from providers that they will abide by the legislation to protect the consumer.

This was only the second time that firms had been asked to submit their pre-approval controlled functions returns following the introduction of the regulation in October last year.

The Central Bank said the problems were not related to the outsourcing of the regulator’s IT facilities to Hewlett Packard.

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