How to Get AuthorisedFor New Broker Membership Applications
An Insurance Broker/Intermediary must be authorised/registered if they wish to provide advice or information to consumers on retail financial products and/or arrange or offer to arrange retail financial products for consumers for any of the following classes of insurance business:
- General insurance products;
- Life assurance products;
- Investment & pensions
- Health and medical insurance products.
The Authorisation process is very detailed and can take a substantial amount of time for the process to be completed (a standard application can take at least six months to be processed). The application process takes into account the individual/s managing and directing the firms’ activities, the nature of the legal entity and the range of regulated activities to be provided. Further details on how to become authorised are included in the Authorisation Process section of the Central Banks website.
NB: It is an offence to engage in any activity outlined above without being registered with the Central Bank of Ireland.
The Central Banks website provides a comprehensive overview of all the stages of an application including links to the application forms and guidance for their completion. Whilst there is no charge made by the Central Bank to have an application processed please see below for an outline of some of the charges that apply once the firm is authorised.
- Annual Industry Levy.
- Annual levy to Financial Services Ombudsman.
- Annual Levy to ICCL (Investor Compensation Company Ltd)
- Cost of professional negligence Insurance
Brokers Ireland can provide assistance with the application process for members of the association.
If you would like to discuss the process with one of our compliance team please contact us by
Telephone: 01 661 3067 or Email: firstname.lastname@example.org