A ban on "price walking" in the Irish motor and home insurance markets will be brought into effect from July 2022, the Central Bank has announced. From 1 July, insurance providers will not be allowed to charge relevant renewing customers a premium that is higher than they would have charged an equiv
Draft legislation to restrict interest rates on moneylending loans has been published by finance minister Paschal Donohoe. The Consumer Credit (Amendment) Bill 2022 aims to restrict the total cost of credit on moneylending loans. It will provide the finance minister with the power to make regulation
The Bank of Ireland (BOI) has been fined a record €24.5 million over failures to guarantee continuity of service in the event of significant IT disruptions. The bank admitted five breaches of the European Communities (Licensing & Supervision of Credit Institutions) Regulations 1992 and the
A new bill will aim to "enhance transparency" around the practice of insurers deducting government payments from Covid-related claims settlements. The Department of Finance has begun drafting the Insurance (Miscellaneous Provisions) Bill, which will address insurance-related issues that have arisen
Financial regulatory lawyer Eoin O'Connor has been appointed by global law firm Hogan Lovells as managing partner of its new Dublin office. Mr O'Connor, who has been appointed as partner in the firm's global regulatory practice, joins from Walkers, where he served as head of regulatory for Ireland.
The Financial Reporting Council (FRC) has fined accountancy firm Grant Thornton UK more than £2.3 million for failings and a "serious lack of competence" in its audits of restaurant chain Patisserie Valerie. Patisserie Valerie collapsed in January 2019 as allegations of fraud encompassed the c
Legislation requiring certain large systemic investment firms to re-authorise as credit institutions will be introduced "as soon as possible", the Department of Finance has said. Statutory instruments signed by finance minister Paschal Donohoe this week have partly transposed the Investment Firms Di
Legislation necessary in Ireland for reforms to the European Stability Mechanism has been published. The Finance (European Stability Mechanism and Single Resolution Fund) Bill 2021 forms part of the national ratification procedure for the reforms agreed by the Eurogroup last November.
Barrister Hugh Moulton has been appointed to the management board of North & East Housing Association. Mr Moulton has joined the board along with Rosalind Carroll, who last year became chief executive of the Personal Injuries Assessment Board (PIAB).
Former solicitor Colm Kincaid has been appointed by the Central Bank as its new director of consumer protection. Mr Kincaid, who practised as a solicitor in London and Dublin prior to joining the Central Bank in 2004, will take up the senior role from 1 October 2021.
Business law firm Mason Hayes & Curran LLP has announced the appointment of Liam Flynn as a senior partner in the firm’s financial services team. Mr Flynn works with financial institutions, including insurers, banks and fintech firms, to help them respond to today's challenging regulatory
Irish lawyer Joe Gavin has departed from his role as partner and head of financial services at ByrneWallace to take up a role as chief executive officer of the Malta Financial Services Authority (MFSA). With over 26 years' experience as a financial services lawyer, Mr Gavin, who takes up the role fr
Regulations giving effect to an EU directive which aims to improve the cross-border distribution of investment funds have been signed into law. Finance minister Paschal Donohoe has signed the European Union (Undertakings for Collective Investment in Transferable Securities) (Amendment) Regulations 2
A new bill to restrict the total cost of credit on moneylending loans will be drafted following government approval. The Consumer Credit (Amendment) Bill 2021 will introduce a cap on the interest rate a moneylender can charge on a loan and it will prohibit moneylenders from charging for home collect
Legislation to bring providers of hire purchase and personal contract plans (PCPs) under the remit of the Central Bank has been published. The Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Bill 2021 will implement the key recommendations of the Tutty Report to&nbs