RegSol Blog

Central Bank of Ireland issues Notice of Intention to make changes to PCF list

September 2021

In a notice issued on 22nd September the Central Bank of Ireland is proposing to make changes to the PCF list. This is stated to reflect the experiences of the Central Bank in their supervisory role and to reflect the changing environment in the financial services industry.

In summary the proposed amendments are as follows:

1. Expand PCF-16 to include branch managers in non-EEA countries;

2. Introduce stand-alone PCFs in respect of:
  a. Independent Non-Executive Directors;
  b. The Head of Anti-Money Laundering and Counter-Terrorist Financing; and

3. Remove PCF-31 Head of Investment.

For the full notice see the attached:
Amendments to pre approval controlled functions