Employment in Financial Services

Contributing Editor

In a rapidly evolving regulatory landscape, employers in the financial services sector must ensure they are fully compliant with local employment rules and procedures. Helping to mitigate risk, IEL’s guide provides clear answers to the key issues facing employers in the sector

Choose countries

 

Choose questions

Choose the questions you would like answering, or choose all for the full picture.

04. Do any categories of employee need to have special certification in order to undertake duties for financial services employers?  If so, what are the requirements that apply?
 

04. Do any categories of employee need to have special certification in order to undertake duties for financial services employers?  If so, what are the requirements that apply?
 

Flag / Icon
Ireland

Ireland

  • at Maples Group
  • at Maples Group

Yes, under the Minimum Competency Regime (see question 1), employees who perform certain prescribed functions and roles in prescribed RFSPs such as insurance businesses and credit unions, must meet the required competencies and qualifications standards.

The 2023 Act also introduces a new requirement that persons can only be permitted to perform a CF role (including a PCF role) where a certificate of compliance with the F&P Standards given by the firm is in force (Certification Regime).

As part of the Certification Regime, a certificate of compliance may only be given if:

  1. the firm is satisfied on reasonable grounds that the person complies with the F&P Standards; and
  2. the person has agreed to abide by the F&P Standards and to notify the firm without delay if for any reason they no longer comply with the F&P Standards.
Last updated on 24/04/2024