Enforcement Action: Prohibition Notice issued to Mr Paul Tarpey under the Fitness and Probity Regime

The Central Bank has issued a Prohibition Notice (PDF 12.37MB) to Mr Paul Tarpey, prohibiting him from carrying out any controlled functions, including pre-approval controlled functions, in any regulated financial service provider for an indefinite period. Mr Tarpey is a former partner of Costello & Tarpey Financial Services, which has now been dissolved. The prohibition arises from a Central Bank investigation into the misappropriation of client funds by Mr Tarpey during his time at Costello & Tarpey Financial Services.

Seana Cunningham, Director of Enforcement and Anti-Money Laundering said:

“Mr Tarpey has been prohibited indefinitely, which is the most serious outcome under the fitness and probity regime. The Central Bank has a duty to uphold standards in respect of those working in the industry for the benefit and protection of users of financial services. The misconduct detailed in the Statement of Undisputed Facts clearly demonstrates Mr Tarpey's failure to act honestly, ethically and with integrity. This case should serve as a reminder that the Central Bank will prohibit people who act dishonestly. This outcome is also notable, as it is the first time that we have exercised our discretion to publish full reasons for a prohibition.”

Additional information

1. The Prohibition Notice was effective from 17 October 2018.
2. The investigation which led to the Prohibition Notice being issued arose from the receipt by the Central Bank of a protected disclosure. Information on protected disclosures can be found here.
3. This is the sixth Prohibition Notice issued by the Central Bank. Details of previous Prohibition Notices can be found here.
4. Further detail on the fitness and probity regime can be found here.