Brokers Ireland welcomes High Level of Compliance with Regulations

Brokers Ireland today welcomed the findings by the Central Bank of 98pc compliance in 2020 with the annual return submission requirements of the Regulator.

Cathie Shannon, Director of General Insurance Services at the organization which represents 1,225 Broker firms, said:  “The very high level of compliance, along with the level of improvement since 2013, is a source of satisfaction to us.

“Compliance is an important area of the work of Brokers Ireland, whereby we support our members and guide them in how best to comply with the extremely onerous and rapidly changing rules of doing business.

“It is also gratifying to know that in the cases of incorrect reporting the majority were due to either a lack of understanding of requirements or human error, and some were in fact not actively trading,” she said.

The Central Bank thematic review states it: “did not find evidence of firms submitting material information that was known to be false or misleading.”

Ms Shannon said, however, for the sake of the overwhelming majority of Brokers who are fully compliant it is important that they not be tainted in any way whatsoever with the remotest perception of non-compliance.

“In this regard we would have liked more granular detail from the Regulator. In the absence of that it is important that the Regulator communicates directly with those falling short,” she concluded.

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