Regulated Leadership
PCF Executive Search in Ireland
Approvable leaders for Central Bank regulated firms
Phoenix Search runs retained executive search for pre-approval controlled function (PCF) roles at firms regulated by the Central Bank of Ireland. We find the CEOs, Heads of Compliance, MLROs, Chief Risk Officers, CFOs and board directors whose appointment the Central Bank must approve before they start.
A PCF appointment cannot take effect until the Central Bank approves it. A candidate who looks right on paper but cannot evidence fitness and probity costs a firm months, and an unfilled PCF role is a supervisory issue in its own right.
The Individual Accountability Framework raised the bar again. The Conduct Standards and enhanced fitness and probity standards applied from 29 December 2023. The Senior Executive Accountability Regime (SEAR) applied to executive PCFs at in-scope firms from 1 July 2024 and to non-executive directors from 1 July 2025. Senior leaders now carry documented, personal responsibility for their areas, and the best candidates do their own diligence on a firm before they accept.
How we run a PCF search
We map who has held the role. We track the leadership of Irish fund services and CBI authorised payments firms, so we know who has already held a PCF, who has taken a firm through authorisation and who is open to a move.
We test for approvability early. Candidates are assessed against fitness and probity expectations before they reach your shortlist, not after an offer is made.
We plan around the approval timeline. The Central Bank approval step is built into the search plan from day one, so your start date is realistic.
We look at the whole team. A Head of Compliance hire changes the dynamic with the CEO, the CRO and the board. We assess fit with the people the new leader will work alongside.
PCF roles we search for
- CEOs, Country Heads and executive directors
- Heads of Compliance and Heads of AML (MLROs)
- Chief Risk Officers and Heads of Risk
- CFOs and Heads of Finance
- Heads of Internal Audit
- Chairs, independent non-executive directors and non-executive directors
- Head of Safeguarding roles at payment and e-money institutions
Who we work with: fund administrators, depositaries and fund management companies (see fund administration executive search); payment institutions, e-money institutions and crypto asset service providers (see payments and fintech executive search); and banks, investment firms and asset managers building or strengthening their Irish entity, including international groups appointing their first Irish leadership team.
See also our risk and compliance practice and board appointments work. For conducting officers and senior roles under the CSSF, see fund services executive search in Luxembourg.
Frequently asked questions
What is a PCF role?
A pre-approval controlled function is a senior role at a regulated firm that the Central Bank of Ireland must approve before the person takes it up. It covers directors, the CEO and the heads of key control functions such as compliance, risk, finance and internal audit.
Can you help a firm going through Central Bank authorisation?
Yes. Applicants need credible, approvable people in key PCF roles before authorisation is granted. We help firms identify and secure those leaders early in the application.
Does SEAR apply to every regulated firm?
No. SEAR currently applies to in-scope firms such as banks, most insurers and certain investment firms, and the Central Bank has said it will widen the scope over time. The Conduct Standards and fitness and probity regime apply to PCF holders across all regulated firms.
