Finding and Order
A Disciplinary Tribunal of Chartered Accountants Ireland (the "Institute") has found that Mr Peter Fitzpatrick with an address in County Dublin, a Member of Chartered Accountants Ireland and former Group Finance Director of Irish Life and Permanent, in relation to certain transactions between Anglo Irish Bank PLC and Irish Life and Permanent PLC in March and September 2008, by failing to bring the said transactions to the attention of the Board of Irish Life and Permanent PLC did engage in conduct which ought to have been aware was likely to bring discredit to himself, the Institute or the profession of accountancy and thereby constitutes misconduct.
The Disciplinary Tribunal made an order as to sanction for the Member to be subject to a severe reprimand and that he make a contribution to costs in the sum of €10,000 plus applicable VAT. The Disciplinary Tribunal also noted the Member's undertaking to resign his membership of the Institute.
This order took effect from 16 September 2022.
Background and Outline of Disciplinary Matter
The Member Mr Peter Fitzpatrick was Group Finance Director of Irish Life and Permanent PLC until his resignation in February 2009. Following referral of a complaint to the Chartered Accountants Regulatory Board, a Special Investigator was appointed for the purpose of investigating the state of awareness and the involvement of the Member Mr P Fitzpatrick in certain transactions which took place in March and September 2008 involving the provision of financial support between Anglo Irish Bank and Irish Life and Permanent PLC and the Member's failure to bring the September 2008 transactions to the attention of the Board of Irish Life and Permanent PLC. After a thorough investigation, with which the Member cooperated, the Special Investigator reported to the Complaints Committee of the Chartered Accountants Regulatory Board on 8 December 2010. In that report, he certified that in his opinion, as a result of his investigation, the Member Mr P Fitzpatrick was liable to disciplinary action. A prima facie case was referred in turn by the Complaints Committee to the Disciplinary Tribunal as a formal complaint. A Disciplinary Tribunal, having considered the matter, made the above finding and order.
This matter was concluded in accordance with the settlement provisions set out in the lnstitute's Disciplinary Regulations, the Proposed Terms of Settlement having been approved by the Disciplinary Tribunal on 16 September 2022.
Identification of Appropriate Orders
Recognising the benefits of resolution through the settlement process, the Disciplinary Tribunal considered the findings and orders made appropriate having regard to the objectives of the Disciplinary Bye-Laws, the applicable guidelines on sanctioning, the applicable guidelines on settlement and the particular facts and circumstances of the matter before it.
Reference: Karen Jones, Gibney Communications
Ph: 01 6610 402