Indefinite prohibition for Nicholas Buckley from all controlled financial functions
The Central Bank of Ireland has issued an indefinite prohibition notice to Nicholas Buckley, preventing him from performing any controlled functions in regulated financial service providers. This decision, effective from 25 February 2026, follows an investigation into alleged invoice fraud and misrepresentation of qualifications during his employment with Sterner and Dolmen.
Misconduct leads to indefinite ban
The Central Bank's investigation into Mr. Buckley's fitness and probity identified two key issues: alleged invoice fraud and misrepresentation of qualifications.
During his employment with Sterner Holdings Limited and Dolmen Insurance Brokers Limited, Mr. Buckley was suspected of issuing invoices to clients with his personal bank account details instead of the company's.
Additionally, he allegedly misrepresented his qualifications.
These actions led to the decision by Robert Kelly, Director of Economics & Statistics, to issue an indefinite prohibition notice under Section 43 of the Central Bank Reform Act 2010.
This prevents Mr. Buckley from performing any controlled functions, including pre-approval controlled functions, across all regulated financial service providers, effective from 25 February 2026.
The prohibition is based on undisputed facts agreed upon by Mr. Buckley on 29 March 2025, which indicated a failure to act honestly, ethically, and with integrity, violating section 2.2(b) of the Fitness and Probity Standards (2023).
Tracing the path to prohibition
The investigation commenced with a Notice of Proposed Fitness and Probity Investigation issued to Mr. Buckley on 10 July 2024, followed by a formal Notice of Investigation on 24 July 2024.
This notice outlined suspicions of serious misconduct and failure to meet fitness and probity standards.
Mr. Buckley provided submissions and was compelled to attend an interview, which he later excused.
Subsequently, the Regulatory Investigations Division offered an 'Undisputed Facts Process', leading to Mr. Buckley signing a Statement of Undisputed Facts on 29 March 2025.
This statement formed the basis for the Case Summary Report, finalised on 1 August 2025, which recommended the prohibition.
Integrity is non-negotiable
This indefinite prohibition underscores the Central Bank of Ireland's unwavering commitment to upholding the highest standards of fitness and probity within the financial services sector.
The swift and decisive action sends a clear message that serious misconduct, particularly involving client funds and professional integrity, will not be tolerated.
While specific to one individual, this case serves as a potent reminder to all regulated financial service providers of the critical importance of ethical conduct and robust internal controls.