Aggregated News From Investment Management Regulators

Ireland

Statement – Central Bank (Individual Accountability Framework) Bill 2021

The Central Bank of Ireland welcomes today’s (27 July 2021) publication of the General Scheme of the Central Bank (Individual Accountability Framework) Bill 2021 by the Department of Finance. The Central Bank has been actively engaged with the Department of Finance on these proposals and will continue to work with the Department of Finance throughout subsequent stages as the legislation progresses through the Oireachtas to enactment. In more recent years, there has been an increased focus nationally and internationally on strengthening corporate culture, driving positive behaviour and increasing individual accountability to mitigate conduct risk and prevent issues arising within firms.  As...

“The importance of the role of the Designated Person in Fund Management Companies” – Director General, Financial Conduct, Derville Rowland

Remarks delivered at launch of Institute of Banking's Professional Certificate for Designated Persons in a fund management company Introduction Good morning ladies and gentlemen It is a pleasure to be asked to join you at today’s launch of the “Professional Certificate for Designated Person’s in a fund management company” kindly organised by the Institute of Banking. The launch of this new and innovative programme is welcome and signifies the importance of the Irish funds sector in Ireland and the need for formalised structured training programmes to support the Irish funds industry. It is positive and encouraging to note industry bodies and education providers...

Central Bank proposes to end the loyalty penalty for private car and home insurance customers

Review finds that differential pricing practices can result in unfair outcomes for some consumers Proposal to ban the practice of ‘price walking’ to end the loyalty penalty for consumers who do not switch insurance provider regularly Proposals will ensure that new business discounts are still available to allow consumers to seek the best prices, while ensuring that those who remain with the same insurance provider are not penalized The Central Bank is proposing to ban the practice of price walking following its Review of Differential Pricing in the Private Car and Home Insurance Markets . The Review examined how differential...

First Employers’ Liability, Public Liability and Commercial Property Insurance Report of the NCID published

First Employers’ Liability, Public Liability and Commercial Property Insurance Report provides key statistics on employers’ liability, public liability, and commercial property insurance in Ireland. Data on the costs and channels associated with settling liability claims and the key income and expenses of insurance undertakings providing business insurance. Report will inform and contribute to evidence-based decision making and help to provide greater transparency in the market. The Central Bank of Ireland has today (14 July 2021) published the first Employers’ Liability, Public Liability and Commercial Property Insurance Report of the National Claims Information Database (NCID). This report follows the publication of...

Have your say on the Central Bank’s Mortgage Measures Framework Review

First review of the overall policy framework for the mortgage measures since their introduction in 2015. Engagement with the public will be a core element of that review. Review aims to ensure that the Central Bank’s policy framework remains fit for purpose into the future, amid continued evolution of the financial system and economy. The Central Bank of Ireland has commenced a comprehensive review of the policy framework for the mortgage measures. The mortgage measures were introduced in 2015 to support a sustainable provision of mortgage finance, strengthening the resilience of borrowers and lenders and guarding against the risk...

“More action is needed by lenders to resolve long-term mortgage arrears, to support distressed borrowers and improve the functioning of the mortgage market for...

Lenders effectively supported borrowers throughout the pandemic and appear to be well-prepared for emerging distress as government supports taper. Supervising this will be a key focus over coming months. Considerable pre-pandemic distress remains in the mortgage market, with more than one in eight private dwelling home (PDH) mortgage accounts exhibiting some level of distress. Resolution of mortgage arrears remains a priority for the Central Bank. In particular, lenders need to do more to resolve long-term mortgage arrears. However, full resolution cannot be delivered solely within the financial system. Speaking at a breakfast briefing at the Banking & Payments Federation...

Central Bank publishes findings of review into market abuse risks

The Central Bank’s review of compliance with the Market Abuse Regulation and arrangements to prevent market abuse has identified a need for significant improvements. Securities markets participants must take immediate steps to mitigate the market abuse risks identified in the review. This is the most comprehensive Central Bank review of this area to date and will inform future supervisory strategy. The Central Bank today (12 July 2021) published a series of findings and expectations from its industry-wide review of compliance with the Market Abuse Regulation (MAR). This review examined how regulated firms, issuers, and advisors who act on behalf...

“Higher debt can limit room for manoeuvre in future downturns” – Deputy Governor Sharon Donnery

The increase in government debt to support public health, the economy and households was warranted Higher debt, however, can limit room for manoeuvre in future downturns The resilience from having sufficient buffers in place proved vital in responding to the pandemic and will be paramount in dealing with future downturns Central Bank of Ireland Deputy Governor Sharon Donnery virtually participated in a panel discussion “The debt danger” at Les Rencontres Économiques d’Aix-en-Provence this evening (2 July 2021). The Deputy Governor spoke about public debt levels in the post-pandemic environment and over the longer term. Speaking about the global public health...

Quarterly Bulletin 2021:3 – widespread improvement of consumer and business sentiment bolster economic outlook

Modified domestic demand is forecast to grow by 3.4% in 2021, 5.6% in 2022 and 4.8% in 2023 Since the last QB, the prospects for the economy as a whole appear to be more favourable, and risks to the growth outlook appear to be relatively balanced As the recovery takes hold domestic policy should increasingly focus on supporting people’s move into employment, ensuring resilience in the public finances, and addressing structural and longer-term challenges The Central Bank has today (1 July 2021) published the third Quarterly Bulletin of 2021. Speaking on the release, Mark Cassidy, Director of Economics and Statistics...

Enforcement Action Notice: Gary McCollum, formerly of INBS, fined €200,000 and disqualified for a period of 15 years by the Central Bank for breaches...

On 10 June 2021, the Central Bank of Ireland (the Central Bank) imposed a fine of €200,000 on Mr McCollum, disqualified him from being a person concerned in the management of a Central Bank regulated financial service provider for a period of 15 years, and reprimanded him for his admitted participation in breaches of financial services law in relation to commercial lending and credit risk by Irish Nationwide Building Society (INBS) that occurred between 1 August 2004 to 30 September 2008 (the Relevant Period). Mr McCollum was Head of Commercial Lending (UK) and UK Branch Manager (Belfast and London) during...

“Conditions have improved, but the recovery may be bumpy and uneven.” – Governor Gabriel Makhlouf

The expansion of vaccination programmes has reduced downside risks to the macro-financial outlook. The full impact of the COVID-19 shock will only become apparent as government supports start to unwind. The Central Bank’s macroprudential policy stance enables the banking system to support households and businesses through the recovery. The Central Bank of Ireland today published the first Financial Stability Review of 2021. The Review highlights that the expansion of vaccination programmes has reduced uncertainty and downside risks to the macro-financial outlook. However, the recovery is likely to be uneven across countries and sectors and could be vulnerable to setbacks....

“Effective culture is about people. And people are at the heart of the Fitness & Probity regime”– Derville Rowland, Director General, Financial Conduct

Firms with effective culture have a commitment to high standards and values which shape the behaviours and mindsets within a firm Over 10 years the Fitness & Probity regime has been instrumental in the work of the Central Bank in seeking to ensure the right people occupy key roles in regulated firms The Central Bank launches the Fitness & Probity Interview Guide to assist applicants and firms The Central Bank’s Director General, Financial Conduct, Derville Rowland spoke at a webinar at the Institute of Directors today (10 June 2021) where she provided an overview of the importance of effective culture...

Regulator Information

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