Licence Application Support2024-02-21T15:26:09+01:00
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Expert Support for License Applications

CBI: License Application Support and Compliance – At our agency, we offer comprehensive assistance for license applications, tailored to your needs. Our team of seasoned compliance professionals is well-versed in navigating the submission process for new licenses or modifications to existing licenses with the Central Bank of Ireland (CBI). Each application undergoes a meticulous evaluation by the CBI, often leading to inquiries and requests for additional information.

Our dedicated team is poised to guide your business in addressing such inquiries effectively. With deep insight into the CBI’s expectations from a governance and compliance perspective, we understand how to present information in a manner that aligns with their requirements.

consultant helping with licence application

CBI: License Application Support and Compliance

In addition, the recent updates to the Consumer Protection Act of 2022 have introduced significant changes and compliance requirements to CBI codes and regulations. These changes mandate that entities involved in hire purchase, including PCP, consumer hire, indirect credit, providers, and servicers, must now obtain authorization from the Central Bank.

Firms are obligated to meet specific minimum competency standards and adhere to various regulations and safeguards designed to protect consumers. Non-compliance may result in penalties and regulatory enforcement actions.

The CBI’s application process, as outlined in the Regulated Market Entry section, covers the following key areas:

  1. Board and Committee Structure
  2. Management Information
  3. Compliance Advisory Function
  4. Policy and Procedure Framework
  5. Regulatory Change Analysis
  6. Compliance Risk Assessment and Monitoring Framework
  7. Compliance Issue Management and Resolution
  8. Compliance Reporting

It’s important to note that the CBI may request additional information or clarification from new license applicants. Regarding the Consumer Protection Act of 2022, the Central Bank emphasizes the importance of firms and their staff meeting the required minimum competency standards, particularly when dealing with consumers in the context of retail financial products.

Should you encounter queries or information requests, our team is ready to collaborate with you and your legal advisors to provide expert assistance.

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