Remarks by Colm Kincaid, Director of Securities and Markets Supervision at Deloitte Ireland Breakfast Briefing 2018

Good morning Ladies and Gentlemen, it is my great pleasure to speak to you this morning.

First, I would like to thank Deloitte for the opportunity to speak to you today. Events such as these provide an important forum for industry professionals to meet and discuss topics of general interest. It is encouraging and commendable to see the topics of culture and conduct risk feature so prominently in your session this morning.

Focus on conduct

In recent years, significant misconduct identified at financial institutions has sparked a renewed intensity of regulatory focus on conduct and culture. In Ireland, this is illustrated most prominently by the Central Bank’s intervention to secure redress and compensation for customers wrongly denied tracker mortgage products or put on the wrong rate. It is also to be seen in our continuing investigations into actions within the lenders involved and our behaviour and culture assessments of each of the five main lenders (supported by our colleagues from the Netherlands Central Bank). However, the prominence of the tracker review should not take from the fact that our focus on conduct and culture spans all of our work and all of the sectors we regulate.