Thursday, 27 June 2019

Questions (50, 51)

Michael McGrath

Question:

50. Deputy Michael McGrath asked the Minister for Finance the specific powers the Central Bank has regarding investment and pension consultancy firms; if the Central Bank can commence enforcement proceedings on such firms; the penalties the Central Bank can impose for wrongdoing; if an investigation has commenced relating to overcharging on pension schemes following reports that a company (details supplied) had been overcharging pension schemes; and if he will make a statement on the matter. [27433/19]

View answer

Michael McGrath

Question:

51. Deputy Michael McGrath asked the Minister for Finance the type of regulated entity investment and pension consultancy firms that fall under the Central Bank classifications; and if he will make a statement on the matter. [27434/19]

View answer

Written answers (Question to Finance)

I propose to take Questions Nos. 50 and 51 together.

Where investment management and pension consultancy firms are providing regulated activities under financial services legislation these firms are authorised and regulated by the Central Bank in respect of these services. The Central Bank publishes the Registers of those firms authorised under the relevant financial services legislation. The Registers are available online at the following link: http://registers.centralbank.ie/

Where regulated investment management and pension consultancy firms fail to comply with relevant legislative or Central Bank requirements the Central Bank has powers under the Central Bank Acts to take action, including the commencement of enforcement proceedings. The outcome of these proceedings can include the imposition of the appropriate sanction commensurate with the breach.

The Central Bank cannot make any comment on individual or ongoing cases.

Notices of concluded enforcement actions are published on the Central Bank's website at the following link: https://www.centralbank.ie/news-media/legal-notices/enforcement-actions

While there have been three concluded Enforcement outcomes under the Administrative Sanctions Procedure to date in 2019, there are a significant number of actions under way and it is expected that the number of outcomes for the year will be in line with previous years.