7.2.1. Part 3 of the 2010 Act requires that an individual performing a CF role must have a level of fitness and probity appropriate to the performance of that particular function. Further, Section 21 of the 2010 Act prohibits a firm from allowing an individual to perform a CF role unless the firm is satisfied on reasonable grounds that the individual complies with any standards of fitness and probity issued by the Central Bank in a code under Section 50 [Such codes include the Fitness & Probity Standards, the Fitness and Probity Standards for Credit Unions and the Minimum Competency Code] of the 2010 Act.

7.2.2. The related Fitness and Probity Standards and the Fitness and Probity Standards for Credit Unions (both referred to as F&P Standards) require individuals in CF roles to be:

- competent and capable;

- honest, ethical and to act with integrity; and

- financially sound.

7.2.3. Therefore, a firm cannot appoint an individual to a CF, or allow them to continue in such a role, if it is not satisfied that the individual meets the above standards (or indeed any of the relevant codes, as applicable). The same prohibition applies to the firm if the individual in the CF role has not agreed with the firm in writing to abide by the above standards (or any of the codes that may be applicable to them).