Central Bank bans director of financial service firm for two years

The Central Bank has banned a director of a financial services firm from a number of finance-related roles for a period of two years.

The regulator issued the "prohibition notice" against Michael Kearns, who acted as an executive director of Home Credit Ireland Limited, which is authorised here as a moneylender.

The Central Bank said Mr Kearns failed to properly disclose the circumstances under which his former employment had ceased when he made an application for a pre-approval controlled function position in Home Credit Ireland Limited.

Under the bank's Fitness and Probity Regime, he has been banned from performing any controlled function in all regulated financial service providers for two years.

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"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," Seana Cunningham, the bank's Director of Enforcement and Anti-Money Laundering, said.

“ This gatekeeper role allows the Central Bank to assess the fitness and probity of applicants for senior positions,” she said.

“The Central Bank, in the performance of this gatekeeper role, is entitled to expect and insist on absolute candour and honesty from applicants,” she said. “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,” Ms Cunningham said.

“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,” she added.