Enforcement Action: Central Bank issues Prohibition Notice to Mr. James Cumiskey under the Fitness and Probity RegimeMay 2021
Effective from July 2020, Mr. Cumiskey is prohibited from carrying out a Controlled Function (CF) or Pre-approval Controlled Function (PCF) in any regulated financial services firm for an indefinite period.
The Central Bank’s investigation discovered that between January 2018 and August 2018, Mr. Cumiskey induced people to give him deposits they had saved for a mortgage on the basis that Mr. Cumiskey required the deposit to process their mortgage applications.
Neither Mr Cumiskey nor his firm (European Mortgage Call Centre Limited) were authorised as a mortgage intermediary, yet mortgage services were advertised on the company website. It also emerged as during the investigation that Mr. Cumiskey had outstanding debts and was not managing his own financial affairs in a sound and prudent manner as required by the Fitness and Probity Standards.
This action, in addition to the letters issued by the CBI to all regulated firms in April 2019 and November 2020 highlights the importance of the Fitness and Probity regime and the obligations that it places on firms and their management and staff.
Can you demonstrate to the Central Bank of Ireland how you are complying with these requirements?
See attached for details: CBI Press Release May 2021
By Eilish Larkin