The Central Bank of Ireland (the “Central Bank”) has entered into settlement agreements with four retail intermediaries for failing to hold Professional Indemnity Insurance (“PII”) over a period of time. These enforcement cases have resulted from supervisory engagement conducted by the Central Bank’s Consumer Protection Directorate. The enforcement action taken against these firms demonstrates the seriousness with which the Central Bank views non-compliance with this requirement. While there have been previous settlements under the European Communities (Insurance Mediation) Regulations 2005, these settlements are the first to be entered into by the Central Bank with retail intermediaries who have breached the requirements imposed on them under the Handbook of Prudential Requirements for Investment Intermediaries (the “Handbook”). The Handbook came into effect on 1 October 2014.
The Central Bank’s Head of Enforcement, Brenda O’Neill, has commented as follows:
“The Ce
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