Intermediary Times June 2022 Issued by the Central Bank
July 2022The 'Intermediary Times', the Central Bank’s newsletter published twice a year, includes regulatory issues that retail intermediary firms need to be aware of in improving their standards of compliance.
In this latest edition the Central Bank of Ireland covers many items including:
- Amendments to the list of Pre-Approval Controlled Functions; (also see RegSol’s article here)A new
- Legal Entity Identifier requirement for some types of retail intermediaries; (see RegSol’s article here)
- New features of the Central Bank Portal;
- Updates relating to the Sustainable Finance Disclosure Regulations (SFDR);
- An overview of the Consumer Protection Outlook Report 2022; (see RegSol’s article here)
- Implications for Insurance Intermediaries of the new insurance regulations relating to Differential Pricing; (see RegSol’s article here)
- Learnings relating to Authorisations and the Fitness and Probity (F&P) Assessment; and
- Recent Central Bank publications relevant for retail intermediaries:
- Use of Exempt Ancillary Insurance Intermediaries in the Insurance Sector; and
- Structured Retail Products. (see RegSol’s article here)
One particular area highlighted by the Central Bank in the newsletter which will be of interest to our intermediary clients is as follows:
Amendments to the list of Pre-Approval Controlled Functions (PCFs)Firms are reminded for persons performing PCF2B, PCF16 and/or PCF52 before 5th April 2022, an ‘In Situ’ process is available to notify the Central Bank via the PCF In-Situ Return - the Online Reporting System (ONR) whereby an Individual Questionnaire (IQ) is not required - by 30th June 2022 .
Persons proposed for these roles after 5th April 2022 must submit PCF applications via the normal process (i.e. submission of an IQ). Those individuals are now subject to the F&P Standards.
For any assistance in applying to the Central Bank for an authorisation, please feel free to contact us at
info@regsol.ieTo read the CBI publication in full, please see the link below:
Intermediary Times June 2022 (centralbank.ie)