What does PCF mean in fitness and probity?

The core function of the Fitness and Probity Regime is to ensure that individuals in key and customer facing positions – referred to in the legislation as Controlled Functions (CFs) and Pre-Approval Controlled Functions (PCFs) – within a Regulated Financial Service Provider (Regulated Firm) are competent and capable.

What is a PCF in CBI?

The Fitness and Probity Regime applies to persons in senior positions, known as Controlled Functions (CFs) and Pre-Approval Controlled Functions (PCFs), within Regulated Financial Service Providers (RFSPs).

What is a PCF position?

People occupying a pre-approval controlled function (PCF). The list of PCFs includes forty-two senior positions in the financial sector, including chief executives, company directors, chairs of the board or other committees such as audit, risk and remuneration, and. People occupying a controlled function (CF).

What is a PCF and a CF?

The Act creates a statutory system for the regulation of persons performing “controlled functions” (CF) or “pre-approval controlled functions” (PCF) in a regulated financial service provider.

What are the fitness and probity standards?

The core function of the Fitness and Probity Regime is to ensure that individuals in key and customer facing positions (referred to in the legislation as Controlled Functions (CFs) and Pre-Approval Controlled Functions (PCFs)) within a Regulated Financial Service Provider (Regulated Firm) are competent and capable.

What is a MCC qualification?

The Minimum Competency Code 2011 (“MCC 2011”) sets out statutory minimum professional standards for staff of regulated financial service providers (“Firms”) when they are dealing with consumers in relation to retail financial products.

What PCF 39?

PCF-39D – designated person with responsibility for investment management.

What PCF 15?

The existing PCF-15 role relates to persons serving as “Head of Compliance with responsibility for Anti-Money Laundering and Counter Terrorist Financing Legislation”.

What is minimum competency code?

The aim is to ensure that consumers obtain a minimum acceptable level of competence from individuals acting for or on behalf of regulated firms in the provision of advice and information and associated activities in connection with retail financial products.

Who does the consumer protection code apply to?

The Consumer Protection Code is a set of rules and principles that all regulated financial services firms must follow when providing financial products and services to consumers. The provisions of the Consumer Protection Code came into effect on 01 July 2007.

What is minimum competency?

Minimum competency testing is a type of criterion-referenced assessment that requires examinees to demonstrate a minimum threshold of knowledge, skill, or ability in order to be deemed competent in the construct being measured.

What is a pre approved controlled function?

Pre-approval Controlled Functions (PCFs) A Firm must obtain the Central Bank’s approval before appointing a person to a PCF role and the Central Bank will hold the appointing Firm responsible for any non-compliance with this obligation.

What PCF 8?

CONTEXTS AND ORGANISATIONS – Engage with, inform and adapt to changing organisational contexts, and the social and policy environments that shape practice.

What is fitness and probity?

The Fitness and Probity Regime was introduced by the Central Bank to ensure that individuals in senior positions in regulated firms meet the high standards of competence, integrity and honesty expected of them. This includes Controlled Functions (“CFs”) and Pre-approval Controlled Functions (“PCFs”).

What is MCC qualification for banking?

Who does the CPC not apply to?

These provisions do not apply to those “consumers” who are not “personal consumers”, for example incorporated bodies with a turnover of €3 million or less in the previous financial year.

What is minimum competency testing at lower grades level?

What is an example of a competency?

Competencies specify how the individual carries out the skills they have. For example, 10 people might be skilled at computer programming, but perhaps only five will work in a way that is in line with company culture.

What are the 9 domains of PCF?

PCF Domains and overarching statements

  • Professionalism.
  • Values and ethics.
  • Diversity.
  • Rights, justice and economic well-being.
  • Knowledge.
  • Critical reflection and analysis.
  • Intervention and skills.
  • Contexts and organisations.

Who does fitness and probity apply to?

The Fitness and Probity Regime It applies to persons in senior positions in Firms, referred to as Controlled Functions (‘CFs’) and Pre-approval Controlled Functions (‘PCFs’), which are set out in a number of statutory instruments.

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