Written answers
Thursday, 27 June 2019
Department of Finance
Central Bank of Ireland Enforcement Actions
Michael McGrath (Cork South Central, Fianna Fail)
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50. To ask 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]
Michael McGrath (Cork South Central, Fianna Fail)
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51. To ask 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]
Paschal Donohoe (Dublin Central, Fine Gael)
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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:
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:
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.
Michael McGrath (Cork South Central, Fianna Fail)
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52. To ask the Minister for Finance the number of enforcement proceedings initiated by the Central Bank by type of regulated entity, for example, credit institutions, moneylenders and so on in each year since 2013; the number of those proceedings that led to enforcement findings against the regulated entity; the value of fines imposed for those enforcement findings in tabular form; and if he will make a statement on the matter. [27435/19]
Paschal Donohoe (Dublin Central, Fine Gael)
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The Central Bank of Ireland have provided the following tables setting out the number and details of enforcement proceedings by the Central Bank in each of the years since 2013 (to date).
Enforcement actions against regulated firms and individuals under the Administrative Sanctions Procedure (ASP)
Year | Number | Fines Imposed |
---|---|---|
2019 | 3* | €22,526,189 |
2018 | 10 | €7,441,000 |
2017 | 11 | €7,239,970 |
2016 | 9 | €12,075,750 |
2015 | 9 | €7,338,040 |
2014 | 11 | €5,422,450 |
2013 | 16 | €6,348,215 |
Total | 69 | €68,391,614 |
* Note: while there have been three concluded Enforcement outcomes under the ASP 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.
2019
Case Name | Sector | Fine Imposed | Date | |
---|---|---|---|---|
1 | Bank of Montreal Ireland plc | Banking | €1,246,189 | 26/04/2019 |
2 | Campbell O’Connor & Company | Stockbroker | €280,000 | 08/05/2019 |
3 | Permanent tsb plc | Banking | €21,000,000 | 30/05/2019 |
2018
Case Name | Sector | Fine Imposed | Date | |
---|---|---|---|---|
1 | Michael P. Walsh | Credit Institutions | €20,000 | 22-Jan-18 |
2 | Bastow Charleton Wealth Management | Investment Firm | €220,000 | 27-Mar-18 |
3 | Appian Asset Management | Investment Firm | €443,000 | 13-Jun-18 |
4 | St.Canice's Credit Union | Credit Union | €210,000 | 21-Jun-18 |
5 | PartnerRe Ireland Insurance dac (PRIID) | Insurance | €910,000 | 16-Aug-18 |
6 | Partner Reinsurance Europe SE (PRESE) | Insurance | €630,000 | 16-Aug-18 |
7 | CitiBank Europe plc | Banking | €1,330,000 | 03-Oct-18 |
8 | E-Services and Communications Credit Union Limited | Credit Union | €155,000 | 24-Oct-18 |
9 | Tom McMenamin | Credit Institiutions | €23,000 | 06-Dec-18 |
10 | RSA | Insurance | €3,500,000 | 18-Dec-18 |
2017
Case Name | Fine Imposed | Date | ||
---|---|---|---|---|
1 | Kinsale Capital Management Limited | Investment Firm | €275,000 | 14-Feb-17 |
2 | Drimnagh Credit Union Limited | Credit Union | €125,000 | 07-Mar-17 |
3 | Allied Irish Banks plc | Banking | €2,275,000 | 24-Apr-17 |
4 | The Governor and Company of the Bank of Ireland | Banking | €3,150,000 | 26-May-17 |
5 | Intesa Sanpaolo Life dac | Insurance | €1,000,000 | 23-Nov-17 |
6 | Albert Reilly t/a Albert Reilly Insurance and Financial Consultants | Intermediary | €1,470 | 27-Nov-17 |
7 | Lupton Financial Services Limited t/a Lupton & Co. Financial Services | Intermediary | €1,225 | 28-Nov-17 |
8 | Lorna Heffernan Finance Limited | Intermediary | €1,050 | 30-Nov-17 |
9 | Robert Moynihan | Intermediary | €1,225 | 01-Dec-17 |
10 | Merrion Stockbrokers Limited | Stockbrokers | €200,000 | 12-Dec-17 |
11 | BCP Asset Management DAC | Investment Firm | €210,000 | 18-Dec-17 |
2016
Case Name | Sector | Fine Imposed | Date | |
---|---|---|---|---|
1 | Arch Reinsurance Europe Underwriting dac | Insurance | €275,000 | 15-Mar-16 |
2 | Seamus Sutcliffe t/a The Mortgage Centre | Intermediary | €2,750 | 30-Jun-16 |
3 | New Ireland Assurance Company plc. | Insurance | €650,000 | 13-Jul-16 |
4 | Axa Insurance Ireland Limited | Insurance | €675,000 | 26-Jul-16 |
5 | KBC Bank Ireland plc | Banking | €1,400,000 | 06-Oct-16 |
6 | Capita Life and Pensions Services (Ireland) Limited | Intermediary | €1,150,000 | 11-Oct-16 |
7 | Ulster Bank Ireland DAC | Banking | €3,325,000 | 27-Oct-16 |
8 | Springboard Mortgages | Retail Credit Firm | €4,500,000 | 24-Nov-16 |
9 | Bray Credit Union | Credit Union | €98,000 | 06-Dec-16 |
2015
Case Name | Sector | Fine Imposed | Date | |
---|---|---|---|---|
1 | Western Union Payment Services Ireland Limited | Payment Institution | €1,750,000 | 14-May-15 |
2 | Tadhg Gunnell (PCM Bloxham Stockbrokers) | PCM | €105,000 | 20-May-15 |
3 | INBS | Banking | €5,000,000 | 14-Jul-15 |
4 | Irish Taxi Owners' Co-Op Credit Union Limited | Credit Union | €5,000 | 14-Oct-15 |
5 | Michael Hogan (PCM Irish Taxi Owners' Co-Op Credit Union Limited) | PCM | N/a | 14-Oct-15 |
6 | Lambay Capital Limited T/A MKW Futures | Investment Firm | €49,000 | 01-Dec-15 |
7 | Octagon Online Services Limited | Investment Firm | €105,000 | 08-Dec-15 |
8 | H. & P. Car Sales Limited | Intermediary | €1,540 | 10-Dec-15 |
9 | Computershare Investor Services (Ireland) Limited | Investment Firm | €322,500 | 15-Dec-15 |
2014
Case Name | Sector | Fine Imposed | Date | |
---|---|---|---|---|
1 | Ava Capital Markets Limited | Investment Firm | €165,000 | 04-Mar-14 |
2 | UniCredit Bank Ireland plc | Banking | €315,000 | 13-Mar-14 |
3 | Anthony Henneberry t/a Anthony Henneberry Financial Services | Intermediary | €640 | 14-Mar-14 |
4 | LGT Capital Partners (Ireland) Limited | Investment Firm | €95,000 | 28-Mar-14 |
5 | FBD Insurance plc | Insurance | €490,000 | 08-May-14 |
6 | Squared Financial Services Limited | Investment Firm | €100,000 | 16-May-14 |
7 | Bank of Montreal Ireland p.l.c. | Banking | €650,000 | 21-May-14 |
8 | E. Tarrant & Sons (Car Sales) Ltd | Intermediary | €910 | 16-Oct-14 |
9 | Seamus McGrath t/a Seamus McGrath Financial Services | Intermediary | €900 | 17-Oct-14 |
10 | Ulster Bank Ireland Ltd | Banking | €3,500,000 | 06-Nov-14 |
11 | Provident Personal Credit Ltd t/a Provident | Moneylender | €105,000 | 26-Nov-14 |
2013
Case Name | Sector | Fine Imposed | Date | |
---|---|---|---|---|
1 | MacDonagh Boland Crotty MacRedmond Limited t/a Aon MacDonagh Boland | Intermediary | €65,000 | 22-Jan-13 |
2 | C&C Group Plc | Non-RFSP | €90,000 | 30-Jan-13 |
3 | Quinn Insurance Limited (Under Administration) | Insurance | €5,000,000 | 18-Feb-13 |
4 | John D. O'Connor t/a John D. O'Connor Financial Services | Intermediary | €1,100 | 06-Mar-13 |
5 | Smyths Insurance Brokers Ltd and Raymond Smyth | Intermediary | €12,000 | 11-Apr-13 |
6 | MOD Financial Services Limited | Intermediary | €420 | 21-Jun-13 |
7 | Susquehanna International Securities Limited | Stockbrokers | €78,000 | 25-Jun-13 |
8 | Ryan Motor Power Limited | Intermediary | €1,000 | 25-Jun-13 |
9 | Stephen Redmond t/a SJ Redmond & Associates | Intermediary | €520 | 30-Jul-13 |
10 | Rocklands Financial Limited | Intermediary | €650 | 07-Aug-13 |
11 | P Walpole & Sons Limited t/a Central Motors | Intermediary | €525 | 05-Sep-13 |
12 | Oxendale & Co Ltd | Moneylender | €8,000 | 11-Sep-13 |
13 | AXA MPS Financial Ltd | Investment Firm | €50,000 | 03-Oct-13 |
14 | John Campbell t/a Campbell Financial Services | Intermediary | €1,000 | 05-Nov-13 |
15 | CitiBank Europe plc | Banking | €550,000 | 11-Dec-13 |
16 | Allied Irish Banks, p.l.c. | Banking | €490,000 | 17-Dec-13 |
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