Ireland’ regulator the Central Bank has published a Prohibition Notice prohibiting Home Credit Ireland Executive Director Michael Kearns from performing any controlled function in all regulated financial service providers for a period of two years. Home Credit Ireland is authorised as a Moneylender under the Consumer Credit Act 1995 (as amended).
Kearns failed to properly disclose to the Central Bank the circumstances under which his former employment had ceased when he made an application for a pre-approval controlled function (PCF) position in Home Credit Ireland Limited.
Seana Cunningham, Director of Enforcement and Anti-Money Laundering said: “Under the Central Bank’s Fitness and Probity regime approval is required before an individual can be appointed to a senior position in financial services. This gatekeeper role allows the Central Bank to assess the fitness and probity of applicants for senior positions.”
“The Central Bank, in the performance of this gatekeeper role, is entitled to expect and insist on absolute candour and honesty from applicants. Full disclosure at application stage is required in order that the Central Bank can properly assess the fitness and probity of individuals before they are approved.”
“Consequently, the provision of false or misleading information to the Central Bank may lead to the most serious of consequences – either denial of approval, or, if approval has previously been granted, as it was in this case, prohibition from financial services.”