Licence Application Support
Our team of compliance professionals has experience of submitting new licence applications or changes to an existing licence to the Central Bank of Ireland (CBI), and each application will be subject to a rigorous evaluation process by CBI, which can lead to questions or requests for further information.
We can assist your business in responding to such requests as the team is experienced in knowing what the CBI’s expectations are from a governance and compliance perspective and how they expect information to be presented to them.
Also, the recent amendments to the Consumer Protection Act 2022 (2022 Act) introduces key changes and compliance steps amendments to CBI codes and regulations, and ensures that hire purchase including PCP, consumer hire, indirect credit, providers and servicers will now need to be authorised by the Central Bank.
Firms are required to meet the necessary minimum competency standards, and they must comply with different regulations and protections for consumers, being subject to penalties and regulatory enforcement in the event of failure to comply.
The CBI’s application process is comprehensive and as seen in the section on Regulated Market Entry encompasses the following:
- Board and Committee structure
- Management Information
- Compliance Advisory function
- Policy and procedure framework
- Regulatory change analysis
- Compliance Risk Assessment and the associated monitoring framework
- Compliance issue management and resolution
- Compliance report
CBI may query any of the information supplied or seek further clarification from a new licence applicant, and regarding the Consumer Protection Act 2022, the Central Bank expects firms and their staff to meet the necessary minimum competency standards, required of staff with a particular emphasis on staff dealing with consumers in relation to retail financial products, at the earliest possible opportunity.
We are available to assist you and your legal advisers when those questions and information requests are received.