Central Bank of Ireland sees High Court refuse confirmation of one-year Fitness and Probity prohibition against senior executive

The Central Bank of Ireland issued a statement after the High Court published a written judgment refusing the Bank’s application to confirm a one-year prohibition notice under the Fitness and Probity Regime, issued on 02 February 2022 to a senior executive in a regulated firm in the investment fund and asset management sector. The Bank applied to the High Court in March 2022 because the individual did not agree in writing to comply with the prohibition notice; the matter was heard in December 2022 and the parties were notified of the Court’s decision in May 2025 on a confidential basis. While upholding the Central Bank’s decision to commence and conduct the investigation (which followed fitness and probity concerns about the executive’s conduct and suitability to perform significant functions), the Court found that fair procedures were not adequately provided to the individual. The statement also points to changes to the Fitness and Probity Regime made through the Central Bank (Individual Accountability Framework) Act 2023 and to updated regulations and guidance published in April 2023. It notes that a separate consultation on supplemental guidance on prohibitions (CP-166) closed on 25 March 2026, with final guidance expected during the summer, and distinguishes this from the Central Bank’s 2025 consultation (CP-150) which led to updated guidance on consolidated Fitness and Probity Standards.