Regulatory Service Standards Performance Report H1 2019 Published

• Central Bank issues its H1 2019 report on performance against authorisation service standards
• 34 of the 35 authorisation service standards, which applied during the period were either met or exceeded
• Regulated financial services firms must prepare for all plausible Brexit scenarios

The Central Bank of Ireland has published the Regulatory Service Standards Performance Report for the first half of 2019. This report sets out the Central Bank’s performance against standards and deadlines it has committed to for the authorisation of financial service providers and fitness and probity applications. Publication of performance against these agreed standards is driven by the Central Bank’s commitment to be open and transparent.

The Central Bank is responsible for the authorisation and supervision of financial services firms and approving senior personnel seeking to work within any regulated sector under the Fitness and Probity regime.

Deputy Governor Ed Sibley said:

“Brexit resulted in an exceptionally busy first half of 2019 for authorising firms relocating to Ireland and the associated regulatory transactions. For example, there was an increase of 41 per cent in the volume of applications approved for individuals in the most senior positions in regulated financial services firms, compared to the first half of 2018.

"The hard work and commitment of Central Bank staff during this busy period enabled the Central Bank to meet 34 of the 35 service standards. This gatekeeping work is important in protecting consumers, market integrity and mitigating financial stability risks.

"The Central Bank continues to prioritise its preparation for the UK’s departure from the EU and driving financial services firms to do the same. We expect regulated financial services firms to be sufficiently prepared for all plausible scenarios, such that they can continue to serve the needs of their customers and the economy after the UK has left the EU, no matter how the departure takes place.”

Notes:

There are 44 Service Standards in total but, depending on the nature of engagement with the Central Bank, not all standards may apply in any given period. In H1 of 2019, 34 of the 35 standards that applied were either met or exceeded.

The authorisation service standards cover the service standards for new authorisations but not the assessments of material changes to existing business in Ireland.