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The Central Bank of Ireland Regulatory Body

The Central Bank of Ireland (CBI) regulates the financial services sector by overseeing more than 10,000 firms that provide financial services in Ireland and overseas. The regulation is undertaken through risk-based supervision, underpinned by a credible threat of enforcement. The objective is to ensure financial stability, consumer protection and market integrity. To achieve those goals, the CBI has a range of regulatory powers in the areas of authorisation, supervision and enforcement.

 

Regulation and supervision across all financial sectors continue to be supported by the Central Bank’s rigorous authorisation procedures, the assessment of applications for approval of persons under the fitness and probity standards, development of financial regulation policy, and an assertive risk-based approach to supervision coupled with the credible threat of enforcement. That combined provides a significantly high level of regulation for an investor.

 

In terms of securing a successful regulatory model, the CBI has several interlocking components, being regulation (the rules), on-going supervision and enforcement. Specifically, the Enforcement division liaises closely with the Central Bank’s supervisory divisions and advises on appropriate outcomes such as consumer redress schemes and takes necessary measures, including enforcement action, where required. These will include, the cancellation and refusal of registrations, summary criminal prosecution, supervisory warning, issuance of a direction and reports to other agencies. All these appear under an administrative sanctions procedure and a fitness and probity regime.

 

Concerning authorised banks, the CBI works in cooperation with the European Central Bank with the single supervisory mechanism, which is the banking system of banking supervision in Europe. The outcome of issues, if found guilty, can range from a caution or reprimand, suspension or revocation of licence and, or a fine of up to EUR10 million or 10 per cent of the firm’s turnover. An individual falling foul to the regulatory framework could also be cautioned, be disqualified from managing a regulated firm and, or receive a fine of up to EUR1 million.

 

All firms that hold an authorisation from the Central Bank of Ireland to provide financial services in Ireland are listed in the Registers section. www.registrars.centralbank.ie. Whether you are an investor, consumer, part of the financial services industry or any other interested party, this website should help you find the information you need on all regulated financial service providers and collective investment schemes operating in Ireland. Before entering into a financial services transaction, members of the public can quickly and easily check the regulatory status of the firm with which they are dealing.

 

If an investor wishes to make a complaint or has further enquiries, there is a helpful contacts page, with a public helpline that is open from 9.00 -17.00, Monday to Friday. https://www.centralbank.ie/contact-us

 

The CBI has a set process for dealing with any complaints against financial institutions or complaints about financial services. The first advice is that a complainant should first discuss any issues with the financial institution concerned. All regulated financial services firms are required to have a complaint handling procedure in place as per the Consumer Protection Code. If a complainant is unhappy with the response from the financial services provider, they have the right to refer the complaint to the Financial Services and Pensions Ombudsman (FSPO).

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