Proportionate Regulation of Intermediaries

Thu May 30 2024

Dear Member,

The issue of over regulation of Brokers continues to remain top of the Brokers Ireland agenda for 2024. The vast majority of our members are non-cash handling, non-product producing firms who are unfairly impacted by regulation unsuited to their risk profile. A key factor for the considerable consolidations within the Broker market at present is due to regulatory burden – this is concerning considering the need for consumer access to advice.

Since 2021, Brokers Ireland has produced a proportionate regulation document, the purpose of this publication is to highlight to policymakers and industry stakeholders the vital role Brokers play within the financial services industry, economically and socially, and to outline the challenges they face arising from the complexity and volume of regulations, the burden of compliance and associated costs. Copies of the updated policy document and a briefing document are linked here.

At a practical level, Brokers Ireland advocate for balance between the objectives and expectations of regulators with the realities and capacities of Brokers. Regulatory requirements and the supervisory approach should be tailored to the size, nature, and risk profile of the firms, and that the compliance burden should be minimised as much as possible without compromising the public interest and the protection of consumers and investors.

The current review of the Consumer Protection Code offers an opportunity for the Central Bank to issue revised regulations that differentiate the responsibilities of providers/product producers and then, separate to this, intermediary firms.

We encourage members to engage with their local public representatives with these documents when advocating for the sector.

We would welcome your feedback on the documents to myself at diarmuid@brokersireland.ie  or Elizabeth Smith Wright, Head of Compliance at elizabeth@brokersireland.ie.

If you require any assistance on the above, please email compliance@brokersireland.ie

Regards

Diarmuid Kelly

CEO

Brokers Ireland


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