Employer wants us to sign employment contract addendum fitness and probity statement?

All employees in the company I work have now been told to sign an addendum to their contract which covers the central bank of Ireland reform act 2010

But as part of the addendum we have to declare ourselves and our partners financial sound by detailing if we have ever missed any payments to a financial institution and if so we have to provide back up for them. We also have to give them permission to do a credit check on ourselves and our partner.

If we don't sign it we are regarded as non compliant and our position will be under review with potential termination.

Are they taking the interpretion of this act too far?

In September 2011, the Central Bank of Ireland published new fitness and probity standards for a person performing a prescribed “controlled function” CF or a “pre-approved controlled function” PCF in any entity in Ireland that is regulated by the Central Bank (including banks, insurance undertakings, investment firms, collective investment schemes and their service providers but excluding credit unions).

The fitness and probity standards, which, on a phased basis from 1 December 2011, apply to persons performing any prescribed function in such an organisation, are built on requirements of competence, capability, honesty, integrity and financial prudence. The standards may be applied to credit unions at a future date.

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Are you a CF or a PCF in your organisation? What does your trade union say about this?

Cf, it's private sector we aren't allowed trade unions