Fitness and Probity: PCF's and Prohibition
Insight from the Central Bank's Annual Report 2015 and Performance Standards
In its Annual Report for 2015, the Central Bank of Ireland identified that it prepared for 26 specific interviews (22 of which were conducted) with proposed appointees to Pre-Approval Controlled Functions in regulated firms. It goes on to state that following contact from the Bank, ten proposed appointments were subsequently withdrawn, one proposed appointment was refused and another is currently with a decision maker. The first Prohibition Notice and the first Suspension Notice in relation to individuals in controlled functions were issued by the Bank in 2015 under the powers set out in the 2010 Act.
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Central Bank publishes Consumer Research on Complaints Handling
Today, 11th May 2016, the Central Bank of Ireland published consumer research entitled Complaints Handling within Regulated Financial Services Firms. The research was commissioned in 2015 to look at consumer perceptions of firms' complaints handling processes.
While statistics have been readily available from the Financial Services Ombudsman in relation to complaints received by that office, this report sheds an interesting light on how consumers view complaints handling by firms across the entire sector before the FSO even comes into view. The research is based on an online survey and focus group sessions involving over 1,000 consumer respondents/participants. While a significant majority had made complaints in the last few years, views were also obtained from a small number who had reason to complain but did not in fact make a complaint and their reasons for same.
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Data Protection & Privacy
New European Data Protection Regulations
On the 4th May a new Directive (2016/680) and Regulations (2016/679) for the 'protection of natural persons with regard to the processing of personal data and on the free movement of such data' (both dated 27th April 2016) were published in the Official Journal of the European Union. The Directive primarily provides for processing by competent authorities for the purposes of 'prevention, investigation, detection or prosecution of criminal offences or the execution of criminal penalties'.
The Directive came into effect on 5th May and Member States will have until 6th May 2018 to transpose it into National law. The Regulations will come into force on 24th May but will only apply from 25th May 2018. This is the culmination of significant focus on Data Protection across the EU and beyond since the Commission's proposals in this area as far back as January 2012.
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Course Dates for May - June 2016
We have introduced a new course - SME Regulations.
The Central Bank of Ireland produced the Central Bank (Supervision and Enforcement) Act 2013 (section 48) (Lending to Small and Medium-Sized Enterprises) Regulations 2015 (the Regulations). These regulations will replace the Code of Conduct on Business Lending to Small and Medium Enterprises (‘the Code’). This 2 hour briefing aims to look at the content of the new regulations and highlights the differences as compared to the Code.
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TRAINING SCHEDULE FOR MAY - JUNE 2016
12th May, Thurs - Implementing UCITS V, Half Day
17th May, Tues - Complaints Handling & Treating Customers Fairly, Half Day
19th May, Thurs - SME Regulations, Brief
24th May, Tues - Implementing the Directive for Alternative Investment Fund Managers (AIFM), Half Day
26th May, Thurs - Director's Duties and Corporate Governance, Full Day
31st May, Tues - Ethics, Brief
1st Jun, Wed - Governance and Oversight of Operating Activities, Brief
2nd Jun, Thurs - Risk-Based Compliance Monitoring for Financial Institutions, Full Day
8th Jun, Wed - Understanding Funds in Ireland, Half Day
9th Jun, Thurs - Companies Act 2014, Half Day
14th Jun, Tues - Developments in MiFID 2, Brief
15th Jun, Wed - Consumer Protection Code 2012, Half Day
16th Jun, Thurs - Data Protection and How to Conduct a Data Protection Audit, Full Day
21st Jun, Tues - Central Bank Inspections & Enforcement, Half Day
22nd Jun, Wed - Implementing Fit & Proper for your Business, Brief
23rd Jun, Thurs - Anti-Money Laundering/Counter Terrorist Financing, Full Day
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Have a Number of People That Need Training?
It may be more cost-effective and time-efficient to have your staff trained at your premises rather than sending them out to external courses.
As well as our public training courses, Compliance Ireland regularly provides bespoke training to firms around the country. The benefits of bespoke training include:
- we can tailor content to your company/industry requirements
- we can tailor content to focus on specific topics within a subject area
- we can help you ensure that you comply with mandatory/regulatory staff training requirements
- reduce costs by running course from your offices or for smaller groups from our offices
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