Dáil Éireann Debate, Thursday - 15 November 2018
61. Deputy Billy Kelleher asked the Minister for Finance the status of the approval process for a pan-European savings platform (details supplied) to receive access to the Irish market and provide consumers with increased savings rates. [47655/18]
View answerThe entity in question is not currently authorised or regulated by the Central Bank of Ireland. I am informed by the Central Bank that it is not in a position to comment on whether any application has been received from this entity, as under section 33AK(1A) of the Central Bank Act 1942, as amended, the Bank is prohibited from disclosing confidential information relating to the business of any person or body, or any matter arising in connection with the performance of the functions of the Bank or the exercise of its powers.
An applicant seeking authorisation as a retail intermediary (i.e., as an investment intermediary, insurance intermediary, mortgage credit intermediary or mortgage intermediary) must satisfy the Central Bank that it can meet the authorisation standards set out in the relevant legislation. In fulfilling its statutory role in this regard, the Central Bank adopts a robust, structured and risk-based process that seeks to ensure that only those applicants that demonstrate compliance with the relevant authorisation requirements are authorised.
The Central Bank seeks to process each application as expeditiously as possible while meeting its obligation to operate a rigorous and effective gatekeeper function. It aims to ensure that the application process is facilitative and accessible from the perspective of applicants and, importantly, that applicants have clarity with regard to the process, its requirements and timelines. The application process, including details of the service standards that apply to the various stages of the process, is clearly set out on the Central Bank website (available here: https://www.centralbank.ie/regulation/industry-market-sectors/brokers-retail-intermediaries/authorisation-process ).
The most recent performance report published in respect of those service standards can be found at the following link: https://www.centralbank.ie/regulation/industry-market-sectors/brokers-retail-intermediaries/authorisation-process .
