Thomas P. Broughan
Question:275. Deputy Thomas P. Broughan asked the Minister for Finance his views on the 40% increase in levies payable by insurance broker intermediaries; and if he will make a statement on the matter. [34534/15]
View answerTuesday, 6 October 2015
Questions (275)
Written answers
Every year, in order to cover the costs of financial regulation, the Central Bank prescribes levies to be paid by entities subject to such regulation. The Central Bank had briefed industry representatives, including those from the intermediary sector, that it was proposing increases of up to 40% in the levies payable by firms in the intermediary sector. The Central Bank's original proposal has since been revised to partially mitigate those increases, as per a statement of 30th September published on the Central Bank's website.
Under Section 32D of the Central Bank Act 1942, the Central Bank is required to seek my approval for the Regulations prescribing these levies. I have not yet made any decision under Section 32D on the 2015 levies that will be applied by the Central Bank. However, it is important to note that a robust regulatory environment benefits the financial services industry by promoting stability, a level playing field and facilitating prudent development and innovation. A well regulated financial services sector also benefits consumers, industry, and the economy at large. In order to ensure a well regulated financial services sector the Central Bank must be sufficiently resourced, particularly in terms of staff who are key to an effective regulatory regime.
Officials from my Department met with intermediary industry representatives on 30th September in order to hear their concerns on the proposed increase in levies payable by their members. I will be taking all of the above factors, into consideration in my deliberations on the approval of the Regulations.