Refusals and Revocations

The legislation under which the Central Bank is designated as the competent statutory body with responsibility for the supervision of various financial services industry sectors permits the Central Bank to:

• Refuse an application for authorisation from an applicant regulated financial service provider proposing to carry out authorised activities;
• Revoke a regulated financial service provider’s authorisation; and
• Oppose the acquisition of a qualifying holding in a regulated financial service provider.

where certain grounds set out within the applicable legislation are met.

Minded to Refuse/Revoke

Where the Central Bank considers that it is minded to refuse an application for authorisation or to revoke the authorisation of a regulated financial service provider, in accordance with the grounds set out within the applicable legislation, it will notify the applicant or regulated financial service provider in writing of the grounds for the proposed refusal or revocation. 

The applicant/regulated financial service provider will be afforded a specified period of time within which to respond to the Central Bank’s proposed refusal or revocation and will be invited to make submissions in respect of the matter. 

Final Decision

The Central Bank will consider all submissions made by the applicant/regulated financial service provider and will, having considered all matters, proceed to make a decision regarding the proposed refusal/revocation. The applicant/regulated financial service provider will be notified in writing of the Central Bank’s final decision in respect of this matter and will also be informed of the ability to appeal the decision of the Central Bank to the Irish Financial Services Appeals Tribunal (“IFSAT”). Details relating to decisions of the Central Bank that are appealable and in respect of IFSAT are available here.

Role of the SSM in the Refusal and Revocation Process