On 3 December 2020, the European Central Bank (ECB) published a speech by Elizabeth McCaul (Member of the Supervisory Board of the ECB) entitled Bank boards and supervisory expectations.
In her speech Elizabeth McCaul explains, among other things, that the ECB will publish a revised guide on fit and proper assessments clarifying supervisory expectations on the suitability of bank directors. This guide will allow for closer scrutiny of the individual accountability of board members. It will also clarify when and how the emergence of new material facts might result in the ECB reassessing bank directors. The ECB will also be making fit and proper processes more efficient and accessible by setting up an online portal where applications for prospective directors can be submitted. Banks will be encouraged to submit their applications before individuals take up their positions, which will enable the ECB to frontload its assessment of candidates.