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,
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