Regulatory Service Standards Performance Report H1 2018 Published

• Central Bank reports on performance against authorisation standards
• Service standards set out the timeframes for authorisation applications
• Authorisation process requires high standards from firms from the outset

The Central Bank of Ireland has published the Regulatory Service Standards Performance Report for the first half of 2018. 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.

The Central Bank is responsible for the authorisation and supervision of financial services firms and approving those who want to work in the sector under the Fitness and Probity regime.

Deputy Governor Ed Sibley said:

“We are committed to providing a clear, robust and timely authorisation process, while ensuring a rigorous assessment of each application. This gatekeeper role mitigates financial stability risks and protects customers and market integrity in Ireland and across Europe. It is imperative that any new firm authorised here meets the high standards that are expected of financial services firms authorised anywhere in the European Union.

“As a result of Brexit, we are dealing with an unprecedented volume of applications, which are being processed over a relatively short period of time. We have increased headcount, recruited heavily and re-allocated senior and experienced staff from other important tasks to ensure that we assess these applications effectively, efficiently, predictably and in a timely fashion.”

Notes:

There are 45 Service standards in total. 27 of the 29 standards, which applied during the period were either met or exceeded.

Read Statement from the Central Bank on the publication of the European Supervisory Authorities’ Brexit Opinions.