COMPLIANCE UPDATE
Thu May 2 2019
Removal of Insurance Policies from the Investment Intermediaries Act
The Compliance unit has been made aware by members that they have received communication from the Central Bank in relation to their IIA authorisations. The Central Bank outlined that they may revoke their IIA authorisations as the firms has failed to operate as an investment business firm for a period of more than six months.
The Central Bank has requested that firms confirm whether they are acting as an investment intermediary by email confirming the following;
1) the firm’s Central Bank reference number;
2) the service being provided;
3) a copy of the product producer agency appointment that permits the firm to carry out the relevant service; and
4) confirmation as to how the firm meets the Minimum Competency Requirements for that service (please list the specific qualification for the provision of each relevant service).
Intermediaries are required to respond to the Central Bank confirming the above or if the firm does not intend to carry out any further services under the IIA, it should apply to revoke its authorisation.
CPD Requirements
The Compliance unit has recently received a number of queries from members in relation to their annual CPD requirements. To assist members in understanding their requirements, a Brokers Ireland summary of the Minimum Competency Code and Regulations which outlines CPD requirements is available in the members area of the Brokers Ireland website under Compliance Support section/Summary Documents of Codes/Requirements here.
