Ms Derville Rowland:

I will give the Deputy a general answer on how the fitness and probity system works. There are three pillars to that system. It is a protective system not a punitive one. By that I mean that it only attaches to people who are applying for jobs in financial services. If one leaves, one does not have to face fitness and probity challenges. However, if the Central Bank has information that gives rise to concern, a system in the bank will record that information, we will flag it and it will be waiting for anyone who applies for a role so he or she will be challenged. My colleague, Mr. Sibley identified this system previously. Somebody who has a case to answer or issues of concern will be met in a challenge interview and the enforcement lawyers will support the relevant supervisors in taking the decision. If people hold roles in financial services and they give rise to concern, there is an option to consider that and take a procedure against them in respect of that.

The three pillar concerns a message I would like to get out to everybody so they understand that firms run their own business. They run their own culture. Regulators can comment on culture but cannot set culture. It can only be done by the businesses and firms are totally responsible for ensuring the people who run their business are fit and proper. It is one of the pillars of the fitness and probity regime.

I emphasise that responsibility and accountability for operating a business rest with the business.