The Irish Financial Services Appeals Tribunal (IFSAT) has described the Central Bank’s decision-making process in refusing applications on behalf of an unnamed individual to join the board of a regulated financial entity as “flawed.”  The tribunal, which is chaired by Justice John MacMenamin, referred to the individual only as AB and says the person was “denied fair procedures at each stage of the process”. “Ultimately this tribunal must find that the decision was, in law, ‘incorrect’ and remit the matter to the Central Bank for reconsideration.” The tribunal also made a number of directions concerning “future steps”. So what happened?…

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