Central Bank of Ireland has today published its Supplemental Guidance on Prohibition Notices under the Fitness and Probity Regime , and a related Feedback Statement on Consultation Paper 166 . The Consultation , which closed on 25 March 2026, received eight submissions from representative bodies and individuals. The Central Bank’s stakeholder webinar on the topic held during the course of the consultation was positively received by its 150 attendees. The Supplemental Guidance sets out the cir...
AI Analysis
The Central Bank of Ireland (CBI) has finalised and published **Supplemental Guidance on Prohibition Notices under the Fitness and Probity (F&P) Regime**, together with a Feedback Statement on Consultation Paper 166 (CP166). This guidance materially clarifies how CBI decision makers will determine the **nature, scope, duration, termination and publication** of Prohibition Notices, raising the bar for governance, investigation handling, and individual accountability across all Irish-regulated firms.
What Changed
- The Supplemental Guidance formally sets out the circumstances and general principles the CBI’s Prohibition Decision Maker will consider when deciding whether to impose a Prohibition Notice,...
The guidance clarifies the decision-making framework for the nature, scope and duration of a prohibition, including whether it applies to specific controlled functions (CFs), parts of CFs, or any...
The guidance codifies how a Prohibition Notice becomes effective, establishing that effectiveness arises either through a written agreement between the CBI and the individual concerned (prohibition...
The guidance explains the three mechanisms by which a Prohibition Notice may be terminated or cease to have effect: (1) termination of a prohibition agreement by the CBI, (2) revocation of a...
The Supplemental Guidance sets out CBI’s approach to requests by prohibited persons to terminate a prohibition agreement, including the factors CBI will assess when considering whether to lift or...
Suggested Considerations
Update Fitness and Probity policies, procedures, and governance frameworks to explicitly address the possibility of Prohibition Notices, including criteria for escalation, internal investigation standards, record‑keeping, and engagement protocols with the CBI during prohibition-related processes.
Ensure Board and senior management, including PCF role holders and HR/legal/compliance leads, are briefed on the new prohibition guidance, the publication policy, and the enhanced transparency of outcomes so that they understand the personal and organisational consequences of F&P failings.
Strengthen documentation and retention of supervisory, disciplinary, compliance and performance records for CF and PCF holders to ensure that, if a prohibition is contemplated, the firm can provide a coherent, contemporaneous factual record to the CBI and the individual.
Review and, where necessary, amend individual accountability frameworks (including Statements of Responsibilities and role profiles) to clearly delineate responsibilities, seniority and CF scope, given that these factors now explicitly influence the nature, scope and duration of any prohibition.
Embed procedures to manage individuals who become subject to proposed or actual Prohibition Notices, including immediate role restrictions, notification workflows, communication protocols to boards and key stakeholders, and contingency planning for business continuity.
Key Dates
TBD (est. late 2026–2027)
- CBI will integrate the Supplemental Guidance with the Main Guidance on Fitness and Probity Investigations, Suspensions and Prohibitions as part of its wider implementation of a recent High Court judgment relating to F&P enforcement procedures
28 January 2026
- CBI launches Consultation Paper 166 on Supplemental Guidance relating to Prohibition Notices under the Fitness and Probity regime
11 March 2026
- CBI hosts an industry webinar on the Supplemental Guidance on Prohibition Notices under the Fitness and Probity regime
25 March 2026
- CP166 consultation period closes; CBI receives eight submissions from representative bodies and individuals
30 July 2026
- CBI publishes the final Supplemental Guidance on Prohibition Notices under the Fitness and Probity Regime and the Feedback Statement on CP166
Compliance Impact
Non-compliance with the clarified prohibition framework, or failure to manage individuals subject to F&P concerns appropriately, exposes firms to significant enforcement risk, reputational damage, and potential constraints on business due to the removal of key CF/PCF staff. The refined guidance increases predictability but also raises expectations that firms will proactively manage F&P risks and cooperate effectively with the CBI in prohibition cases.
Warning: Unauthorised Investment Firm / Investment Business Firm Unauthorised Firm Name Bates Finance Limited (CLONE) Website https://www.batesfinance.co.uk/ Email addresses used info@batesfinance.co.uk Phone number used 0124 594 4391 Authorisation in Ireland Bates Finance Limited (CLONE) is not authorised to provide investment services in Ireland. This unauthorised firm has cloned the details of authorised firm to pass itself off as legitimate to deceive consumers. There is no connection bet...
AI Analysis
The Central Bank of Ireland has issued a warning notice under section 53 of the Central Bank (Supervision and Enforcement) Act 2013 against **“Bates Finance Limited (CLONE)”**, an unauthorised investment firm that is cloning a legitimate authorised firm’s details to deceive consumers. This reinforces the requirement for compliance teams to maintain robust controls around firm impersonation, customer communications, and verification of authorisation status, especially for cross‑border investment services offered into Ireland.
What Changed
- The Central Bank of Ireland has formally identified “Bates Finance Limited (CLONE)” as an unauthorised investment firm / investment business firm and published its details (name, website, email,...
The warning explicitly states that Bates Finance Limited (CLONE) is not authorised to provide investment services in Ireland and is cloning an authorised firm’s details to pass itself off as...
The Central Bank confirms that there is no connection between the legitimate authorised firm and the cloned entity using its name.
The firm’s name is published under section 53 of the Central Bank (Supervision and Enforcement) Act 2013, reaffirming the Central Bank’s enforcement power to publicly name unauthorised providers.
The warning reiterates channels for reporting suspected unauthorised firms to the Central Bank (telephone and online reporting), reinforcing expectations that firms and individuals will escalate...
Suggested Considerations
Monitor the Central Bank of Ireland’s unauthorised firms and warning notices on an ongoing basis and promptly update internal watchlists, sanctions‑style lists, and fraud‑monitoring tools to include Bates Finance Limited (CLONE).
Update customer‑facing communications, scam warnings, and investor education materials to reference clone firms and instruct clients to verify authorisation using the Central Bank’s Registers before engaging with any investment firm.
Review and strengthen controls for detecting and responding to clone firm activity, including monitoring for misuse of the firm’s name, logo, Companies Registration Office number, or website domain in Ireland and other jurisdictions.
Implement procedures to immediately escalate to the Central Bank and law enforcement (e.g. An Garda Síochána) if the firm becomes aware that its identity is being cloned or if clients are approached by Bates Finance Limited (CLONE) or similar unauthorised entities.
Enhance due‑diligence and onboarding checks to validate counterparties and intermediaries offering investment products into Ireland, ensuring they hold appropriate authorisation from the Central Bank or relevant EU/EEA regulators.
Key Dates
23 July 2026
- Central Bank of Ireland publishes the warning notice identifying Bates Finance Limited (CLONE) as an unauthorised investment firm and stating its lack of authorisation and cloning behaviour
Compliance Impact
Non‑compliance primarily manifests as heightened financial crime and consumer protection risk, including exposure of customers to fraud, reputational damage, and potential regulatory scrutiny where firms fail to act on public warnings about clones and unauthorised providers. While the criminal offence attaches to operating without authorisation, authorised firms that ignore such warnings may face supervisory criticism and conduct‑risk consequences if their customers suffer losses.
Warning: Unauthorised Investment Firm / Investment Business Firm Unauthorised Firm Name Russell Administration Limited (CLONE) Website https://russelladministration.co.uk/ Email addresses used info@russelladministration.co.uk Phone number used 0208 058 3679 Authorisation in Ireland Russell Administration Limited (CLONE) is not authorised to provide investment services in Ireland. This unauthorised firm has cloned the details of authorised firm to pass itself off as legitimate to deceive consu...
AI Analysis
The Central Bank of Ireland has issued a warning notice on 23 July 2026 against “Russell Administration Limited (CLONE)”, an unauthorised investment / investment business firm that is cloning the identity of a legitimate authorised firm to deceive consumers. This highlights ongoing risks from clone investment scams and reinforces the need for Irish- and EU-authorised firms to strengthen controls around impersonation, client communications, and checks against the Central Bank Registers and unauthorised firms list.
What Changed
- The Central Bank of Ireland has formally designated “Russell Administration Limited (CLONE)” as an unauthorised investment firm under section 53 of the Central Bank (Supervision and Enforcement)...
The warning confirms that Russell Administration Limited (CLONE) is not authorised to provide investment services in Ireland, and that there is no connection between this clone entity and the...
The Central Bank has publicly disclosed specific identifiers for the unauthorised firm (website, email address, and phone number) to assist firms and consumers in recognising and blocking fraudulent...
The notice reiterates that firms and individuals can report suspected unauthorised or clone firms directly to the Central Bank via designated telephone contact points.
By publishing the warning, the Central Bank reinforces its policy that operating as an investment firm in Ireland without appropriate authorisation is unlawful and subject to supervisory and...
Suggested Considerations
Verify that your firm’s name, contact details, and regulatory authorisation information have not been cloned or misused by Russell Administration Limited (CLONE) or other similar entities, and escalate any evidence of impersonation to the Central Bank and local law enforcement.
Update client-facing communications, including website fraud alerts and investor letters, to warn about clone firms and specifically list known identifiers (such as the Russell Administration Limited (CLONE) website, email address, and phone number) where relevant to your client base.
Instruct front-office, call centre, and relationship management staff to advise clients to check the Central Bank Registers and unauthorised firms list before engaging with any entity claiming to be regulated in Ireland, and to report any suspicious contact immediately.
Review and strengthen internal financial crime and fraud detection controls to include explicit screening for clone firm indicators, such as mismatched contact details, unregistered domains, and requests to transfer funds to newly introduced counterparties.
Incorporate the Russell Administration Limited (CLONE) warning and similar Central Bank warning notices into your firm’s ongoing financial crime risk assessments and customer risk profiling, particularly for high-risk investment products and cross-border services.
Key Dates
23 July 2026
- Central Bank of Ireland publishes the warning notice under section 53 of the Central Bank (Supervision and Enforcement) Act 2013 naming Russell Administration Limited (CLONE) as an unauthorised investment firm
Compliance Impact
Non-compliance primarily manifests as failure to detect and respond to clone firm activity, which can expose clients to fraud, generate significant conduct and reputational risk, and trigger supervisory scrutiny of your firm’s financial crime and consumer protection controls. While the warning is directed at consumers and unauthorised activity, regulated firms that ignore such warnings may face regulatory questions about the adequacy of their systems and controls.
Central Bank of Ireland has commissioned an independent review of its enforcement activities. Enforcement is a core component of the Central Bank's regulatory framework. It supports credible deterrence and accountability, promotes high standards of conduct and, through transparent outcomes, supports trust and confidence in the financial system. The financial system has become larger, more complex and more interconnected over the last decade. The regulatory and legislative framework has also e...
AI Analysis
The Central Bank of Ireland (CBI) has appointed Josephine Feehily as an external reviewer to conduct an independent review of the **effectiveness, efficiency and positioning of CBI’s enforcement activities within its supervisory framework**, with a report (including recommendations) to be published in due course. This signals a potential medium-term recalibration of enforcement strategy, case selection, timelines and transparency, and compliance teams should anticipate possible changes to how investigations are initiated, managed and resolved, including expectations around engagement and disclosure.
What Changed
- The CBI has formally commissioned an independent review of its enforcement activities, covering both how enforcement is structured and how it operates in practice, rather than a narrow thematic or...
The review mandate expressly covers the performance of enforcement activities and the role of enforcement within the wider supervisory framework, indicating that enforcement may be repositioned...
The review will examine enforcement structures and processes, including decision‑making governance, which may result in new approval routes, escalation paths, or committee structures for opening,...
The review will look at case‑selection criteria and processes, suggesting potential future changes to how and why firms or individuals are selected for enforcement action, and possibly the...
Timeliness of enforcement actions is in scope, which may lead to explicit timelines or service standards for case progression, investigation milestones, and resolution, with potential knock‑on...
Suggested Considerations
Review and document your enforcement‑facing governance, including Board and senior management oversight of investigations, decision‑making on settlement, and escalation paths, to ensure these are robust and can withstand a more structured or time‑bound enforcement approach.
Assess whether your record‑keeping, data, and management information relating to regulatory breaches, incidents, and CBI interactions are sufficiently complete and organised to support faster and more transparent enforcement processes.
Conduct a gap analysis of investigation procedures and response playbooks (e.g. dawn raid readiness, information requests, interviews, internal investigations) to ensure they can meet potentially tighter CBI timeliness and information‑quality expectations.
Update Board and senior management on the launch of the enforcement review and agree a watching brief, including designation of a responsible function (e.g. Compliance or Legal) to monitor the review, its terms of reference, stakeholder engagements and eventual recommendations.
Engage external counsel or industry associations, as appropriate, to prepare for possible consultation or stakeholder engagement opportunities during the review, including developing key messages on proportionality, timeliness, transparency and coordination with supervision.
Key Dates
22 July 2026DEADLINE
– CBI announces the appointment of Josephine Feehily and the commissioning of an independent review of enforcement activities, with a commitment that a report including recommendations will be provided to the Governor and published in due course
TBD (post‑review publication date)
– CBI publication of the external reviewer’s report and recommendations, which will likely act as the starting point for any formal changes to the enforcement framework, processes or guidance
TBD (following CBI response to the report)
– Expected phased implementation of any accepted recommendations through updated policies, procedures, public statements, or, where necessary, legislative or regulatory amendments
Compliance Impact
The immediate compliance impact is indirect but strategically significant: while no new rules are yet in force, firms should treat this as a precursor to a potentially more structured, faster and more transparent enforcement regime. Failure to adapt to any subsequent changes is likely to increase exposure to higher sanction risk, reputational damage and more intensive regulatory scrutiny.
Warning: Unauthorised Investment Firm / Investment Business Firm Unauthorised Firm Name Aoncfd (CLONE) Websites https://aoncfd.com https://client.aoncfd.com/app.php Email addresses used support@aoncfd.com Purported address Iveagh Court 6, Harcourt Road, Dublin 2, Irlanda Phone number used None Authorisation in Ireland Aoncfd (Clone) is not authorised to operate as an investment firm or investment business firm in Ireland. Additional information It has come to the attention of the Central Bank...
AI Analysis
The Central Bank of Ireland (CBI) has issued a warning under section 53 of the Central Bank (Supervision and Enforcement) Act 2013 against **Aoncfd (CLONE)**, an unauthorised online CFD trading provider that is falsely claiming a Dublin presence and cloning details of **Aon Solutions Ireland Limited**, a CBI‑authorised firm. This reinforces regulatory expectations that authorised firms and intermediaries implement robust controls to detect and respond to clone‑firm activity, particularly where their own identity is being misused to target consumers and investors.
What Changed
- The CBI has formally listed Aoncfd (CLONE) as an unauthorised investment firm / investment business firm that is not permitted to provide investment services or operate as an investment firm in...
The CBI has publicly identified Aoncfd (CLONE)’s websites, email address, and purported Dublin address to support monitoring and blocking efforts by firms and market infrastructures.
The CBI has clarified that Aoncfd (CLONE) is a clone entity that has copied the name, address and foreign registration details (CONSOB Registration 5141) of Aon Solutions Ireland Limited, and that...
The publication reiterates that the CBI will use its section 53 naming power under the Central Bank (Supervision and Enforcement) Act 2013 to publicly warn about unauthorised firms.
The notice reinforces existing expectations that firms, consumers, and intermediaries should use the CBI’s authorisations register and list of unauthorised firms as part of fraud and clone‑risk...
Suggested Considerations
Firms should immediately screen client referral sources, onboarding records, and any existing or prospective relationships against the identifiers published for Aoncfd (CLONE) (names, URLs, email, and purported address) and block or terminate any exposure.
Compliance teams should update internal fraud and financial crime watchlists and sanctions‑style screening tools to include Aoncfd (CLONE) and the specific URLs, email address and address cited in the warning.
Authorised firms, particularly Aon Solutions Ireland Limited, should conduct brand‑misuse and impersonation checks (including web‑scraping, social media monitoring and domain surveillance) to identify further clone activity and prepare incident‑response plans.
Client‑facing staff should be briefed via targeted compliance communications to warn clients about clone firms and to ensure they direct clients to the CBI’s register and unauthorised firms list when verifying any investment provider claiming an Irish authorisation.
Firms should review and, where necessary, enhance KYC and onboarding controls to include explicit verification of a counterparty’s regulatory authorisation in Ireland (or relevant jurisdiction) and checks for inconsistencies between provided details and registry information.
Key Dates
17 July 2026
- CBI issues the formal warning notice under section 53 of the Central Bank (Supervision and Enforcement) Act 2013 naming Aoncfd (CLONE) as an unauthorised firm and publishing its details
Compliance Impact
Non‑compliance with expectations around detecting and responding to clone‑firm activity can lead to significant consumer harm, conduct risk and supervisory scrutiny, including potential enforcement if firms fail to maintain adequate systems and controls to prevent misuse of their identity. While the warning is directed at an unauthorised third party, authorised firms implicated by cloning risk reputational damage, client loss and potentially civil claims if they are perceived not to have taken reasonable steps to warn and protect customers.
Warning: Unauthorised Insurance Intermediary and Insurance/ Reinsurance Firm Unauthorised Firm Name Codeve Insurance Co DAC (CLONE) Website address https://www.codeveinsurance.com/ Email addresses used contact@codeveinsurance.com legal@codeve.com Investorrelations@bournrockinvest.com Authorisation in Ireland This firm is not authorised to provide insurance/reinsurance services and/or insurance intermediary/distribution services in Ireland. Additional information This Unauthorised Firm has clo...
AI Analysis
The Central Bank of Ireland (CBI) has issued a warning under section 53 of the Central Bank (Supervision and Enforcement) Act 2013 against **Codeve Insurance Co DAC (CLONE)**, an unauthorised firm impersonating the authorised insurer **CODEVE Insurance Company dac** and offering insurance/reinsurance and intermediary services in Ireland without authorisation. This is a clone-firm financial crime risk event that requires immediate enhancements to onboarding, counterparty due diligence and fraud‑risk controls for insurance and distribution arrangements involving Ireland or Irish‑resident customers.
What Changed
- The CBI has formally listed “Codeve Insurance Co DAC (CLONE)” as an unauthorised insurance/reinsurance firm and insurance intermediary/distributor for Ireland.
The CBI confirms that this entity is not authorised in Ireland to provide insurance, reinsurance or insurance distribution/intermediary services.
The warning identifies specific contact points used by the clone: website `https://www.codeveinsurance.com` and email addresses `contact@codeveinsurance.com`, `legal@codeve.com` and...
The CBI confirms that the unauthorised firm has cloned the name and details of the authorised firm CODEVE Insurance Company dac to pass itself off as that legitimate entity and deceive consumers.
The CBI explicitly states there is no connection between the authorised CODEVE Insurance Company dac and the unauthorised clone, clarifying that the authorised firm is a victim of impersonation.
Suggested Considerations
Update internal unauthorised/blacklist tables and watchlists to include “Codeve Insurance Co DAC (CLONE)”, the website `https://www.codeveinsurance.com`, and the email addresses `contact@codeveinsurance.com`, `legal@codeve.com`, and `Investorrelations@bournrockinvest.com`.
Configure onboarding, third‑party due diligence and supplier management systems so that any counterparty or proposal referencing these identifiers or closely similar names triggers escalation and enhanced verification.
Conduct an immediate screening of existing distribution, outsourcing, binder, reinsurance and fronting arrangements to confirm that no current relationships involve the clone entity or its contact details.
Implement or reinforce a formal “clone‑firm check” in client and counterparty KYC/KYB procedures, requiring staff to verify authorisation status directly against the CBI’s registers and unauthorised firm list before entering into insurance or reinsurance arrangements linked to Ireland.
Issue an internal compliance and financial‑crime alert to underwriting, sales, distribution, treasury and investment teams highlighting the Codeve clone, the specific identifiers, and the need to report any contact or proposals linked to this entity.
Key Dates
17 July 2026
- CBI issues the public warning notice listing Codeve Insurance Co DAC (CLONE) as an unauthorised firm under section 53 of the Central Bank (Supervision and Enforcement) Act 2013
Compliance Impact
Non‑compliance primarily exposes firms to financial crime, conduct and civil liability risks, including the risk of facilitating unlicensed insurance business, mis‑selling, and customer loss through fraud. Regulatory expectations around due diligence, distribution control and consumer protection mean that failure to identify and mitigate clone‑firm exposure could lead to supervisory scrutiny, remediation requirements and potential enforcement where governance or systems and controls are found deficient.
Cathaoirleach and Committee members, thank you for the invitation to be here today. I am joined by my colleagues Deputy Governor for Monetary and Financial Stability, Vasileios Madouros, and Colm Kincaid, Deputy Governor for Consumer and Investor Protection. The Economic Outlook Let me begin with the economic outlook. The global economy continues to face challenges and heightened uncertainty from the Middle East conflict and the disruption in the Strait of Hormuz, with implications for energy...
AI Analysis
The Central Bank of Ireland (CBI) Governor used this Oireachtas hearing to restate that the CBI will act only within its statutory mandate on prospectus approval, while also signalling that the EU Prospectus Regulation framework has changed materially since 5 June 2026 because of Regulation (EU) 2024/2809. For compliance teams, the key point is that prospectus-related processes, disclosures, and approval planning should now be reviewed against the amended EU regime and the CBI’s existing approval timetable requirements, including the 90 working day decision rule for non-SME prospectuses and 100 working day rule for SMEs.
What Changed
- Regulation (EU) 2024/2809 amends elements of the Prospectus Regulation, and those amendments fully took effect on 5 June 2026.
The Prospectus Regulation continues to apply as the core EU framework for prospectuses, with the CBI acting as the competent authority in Ireland for approval matters.
The CBI states that it must decide on a prospectus application within 90 working days of receipt of the initial application, or 100 working days for an SME.
If the review exceeds the applicable working-day limit, the CBI will cease reviewing the prospectus without approving it and will notify the issuer, offeror, or person seeking admission to trading.
A one-off extension of 30 working days may be requested before the original 90 working-day period lapses, including for SMEs.
Suggested Considerations
Review all prospectus templates, disclosure checklists, and approval workflows against the amended Prospectus Regulation provisions that became fully applicable on 5 June 2026.
Reassess transaction timetables to ensure the planned filing date allows for the 90 working day or 100 working day CBI review window, plus any needed extension request.
Submit any request for a one-off 30 working day extension before the original approval period expires, and include the required reference details in the request.
Confirm whether any current or planned issuance qualifies as an SME transaction, because the approval deadline differs from the standard timetable.
Update internal sign-off procedures so legal, finance, and compliance teams can demonstrate that prospectus materials are prepared in line with the CBI’s statutory mandate and the amended EU framework.
Key Dates
20 July 2017
- The Prospectus Regulation entered into force at EU level
21 July 2019
- The Prospectus Regulation fully applied, and Ireland’s implementing regulations for the regime came into operation
31 March 2022
- New Irish Central Bank fee regulations for prospectus and related document approvals came into operation
7 March 2024
- The Central Bank’s revised Prospectus Regulatory Framework Q&A was published, updating operational guidance on approval, publication, and passporting matters
11 March 2024
- GEM rule amendments took effect for certain retail debt securities listings, providing related market infrastructure context
Compliance Impact
Non-compliance risk is high because a failed or delayed prospectus approval can block issuance, delay admission to trading, and disrupt capital raising. Firms also face execution and disclosure risk if they do not align their documentation and timetables to the amended EU regime and the CBI’s approval mechanics.
Warning: Unauthorised Investment Firm / Investment Business Firm / Alternative Investment Fund Manager Unauthorised Firm Name MacKay Shields UK LLP (CLONE) Website(s) None Email address(es) used support@mackay-shields.email Phone number(s) used WhatsApp nr(s) used: +351 916 719 422 +351 933 813 914 WhatsApp Q91 Group Telephone nr(s) used: +351 916 719 422 +351 933 813 914 +966 684 260 Authorisation in Ireland MacKay Shields UK LLP (CLONE) is not authorised to provide Investment services or In...
AI Analysis
The Central Bank of Ireland has issued a warning notice under section 53 of the Central Bank (Supervision and Enforcement) Act 2013 against **MacKay Shields UK LLP (CLONE)**, a fraudulent, unauthorised clone firm using messaging apps and mobile numbers to offer fake investments and operate the NYLI and NYLIPLUS applications. The entity has cloned the details of the legitimately authorised MacKay Shields UK LLP (CBI register C121665) and is unlawfully holding itself out as an investment firm, investment business firm and AIFM in Ireland, which has direct implications for Irish‑authorised firms whose brands are cloned and for any intermediary or distributor interacting with Irish clients.
What Changed
- The Central Bank of Ireland has formally designated “MacKay Shields UK LLP (CLONE)” as an unauthorised investment firm / investment business firm / alternative investment fund manager and published...
The notice clarifies that MacKay Shields UK LLP (CLONE) is not authorised to provide investment services, investment business services or AIFM services in Ireland and therefore any financial services...
The Central Bank highlights that the clone firm has been offering fake investments via the applications NYLI and NYLIPLUS, emphasising a specific scam vector via investment apps rather than...
The warning confirms that the clone firm has cloned the name and registration details of the legitimate MacKay Shields UK LLP (Central Bank register C121665), reinforcing the pattern of...
The firm’s name is being published under section 53 of the Central Bank (Supervision and Enforcement) Act 2013, signalling that the Central Bank considers the activity sufficiently serious to warrant...
Suggested Considerations
Review and update client‑facing communications, website content and FAQs to warn clients about clone‑firm risks, specifically referencing messaging‑app contact details and investment apps such as NYLI and NYLIPLUS that are not associated with authorised firms.
Implement or enhance procedures within AML / financial crime and fraud‑risk frameworks to identify and escalate interactions involving the listed email address (support@mackay-shields.email) and the specified WhatsApp and telephone numbers, treating them as indicators of potential scam activity.
Instruct front‑office, client‑relationship and call‑centre staff to verify authorisation status using the Central Bank’s public registers before acknowledging or forwarding any investment proposals that reference “MacKay Shields UK LLP” or similar branding.
Notify internal legal and regulatory affairs teams, and where relevant the legitimate MacKay Shields UK LLP, of the clone warning to coordinate responses, client communications and potential reporting of any attempted impersonation or fraudulent use of the authorised firm’s details.
Review existing third‑party distribution and referral arrangements to ensure counterparties are not using or promoting NYLI, NYLIPLUS or similar unregulated applications, and add contractual provisions requiring immediate notification if cloning or impersonation is suspected.
Key Dates
10 July 2026
- Central Bank of Ireland issues and publishes the warning notice against MacKay Shields UK LLP (CLONE) as an unauthorised investment firm / investment business firm / AIFM and lists its name under section 53 of the Central Bank (Supervision and Enforcement) Act 2013
Compliance Impact
Non‑compliance primarily manifests as failure to detect, prevent and appropriately respond to client exposure to unauthorised clone firms, which can lead to significant consumer detriment, reputational damage, supervisory scrutiny and potential enforcement action where firms’ conduct or controls are found inadequate. Firms whose identities are cloned also face operational disruption and possible regulatory queries if they do not actively manage and communicate around impersonation risks.
Warning: Unauthorised Investment Firm / Investment Business Firm Unauthorised Firm Name AGF International Advisors Company Limited (CLONE) and/or Iron-Cap / IRONCAP Website(s) www.iron-cap.com https://www.iron-cap.io/ https://www.iron-cap.io/fr/forgot-password/ Email address(es) used support@iron-cap.com Samuel.breval@iron-cap.com Phone number(s) used None Authorisation in Ireland AGF International Advisors Company Limited (CLONE) and/or Iron-Cap/IRONCAP is not authorised to provide Investmen...
AI Analysis
The Central Bank of Ireland (CBI) has issued a warning notice under section 53 of the Central Bank (Supervision and Enforcement) Act 2013 against a **fraudulent clone** using the name AGF International Advisors Company Limited and the brand Iron-Cap / IRONCAP, operating via several websites and email addresses without authorisation to provide investment services in Ireland. This matters for compliance teams because the cloned entity is impersonating a fully authorised CBI firm (AGF International Advisors Company Limited, CBI00022137), creating heightened financial crime, conduct, and reputational risks, and necessitating strengthened client-onboarding and counter‑party due‑diligence controls to detect and manage clone‑firm exposure.
What Changed
- The CBI has formally designated AGF International Advisors Company Limited (CLONE) and/or Iron-Cap / IRONCAP as an unauthorised investment firm / investment business firm and has published its...
The specific websites www.iron-cap.com and https://www.iron-cap.io (including the French-language path https://www.iron-cap.io/fr/forgot-password/) have been identified as associated with this...
The email addresses support@iron-cap.com and Samuel.breval@iron-cap.com have been flagged as being used by the unauthorised entity in connection with the Iron-Cap / IRONCAP investment offering.
The CBI has reiterated that the clone is not authorised to provide investment services or investment business services in Ireland and has explicitly clarified that there is no connection whatsoever...
The warning reinforces existing CBI expectations that Irish‑authorised firms and gatekeepers must monitor and respond to clone‑firm activity, including by reporting suspected unauthorised firms...
Suggested Considerations
Review and update client‑onboarding procedures to include specific screening for the websites www.iron-cap.com and https://www.iron-cap.io and the email domains associated with Iron-Cap / IRONCAP, flagging and escalating any matches as suspected clone‑firm exposure.
Update sanctions, fraud, and financial crime screening tools and internal watchlists to include the unauthorised firm identifiers associated with AGF International Advisors Company Limited (CLONE) and Iron-Cap / IRONCAP, ensuring alerts are generated for relevant customer or transaction hits.
Strengthen fraud‑awareness communications to clients and staff by referencing the CBI’s financial scam materials, emphasising the risks of dealing with unauthorised firms and clone entities, and advising clients to verify firm authorisation before investing.
Establish or update an internal escalation protocol for suspected clone‑firm activity, ensuring that all such cases are reported promptly to the CBI via the dedicated unauthorised firms reporting channels and, where applicable, to other relevant regulators.
Key Dates
10 July 2026
- CBI publishes the warning notice on AGF International Advisors Company Limited (CLONE) and/or Iron-Cap / IRONCAP as an unauthorised investment firm / investment business firm under section 53 of the Central Bank (Supervision and Enforcement) Act 2013
Compliance Impact
Failure to identify and appropriately manage interactions with unauthorised clone firms exposes regulated institutions to heightened AML/financial crime risk, consumer protection breaches, and significant reputational damage, and may result in supervisory scrutiny or enforcement for inadequate systems and controls. For clients misled into dealing with unauthorised firms, there is a high risk of loss without access to statutory investor compensation or regulatory recourse.
Warning: Unauthorised Investment Firm Unauthorised Firm Name Arbionis Website https://arbionis-ireland.com Phone number used +353 612 34 56 78 Authorisation in Ireland Arbionis is not authorised to provide investment services in Ireland. Notes: Any person wishing to contact the Central Bank with information regarding such firms / persons may telephone (01) 224 5800 or report an unauthorised firm directly to the Central Bank . For more information on how to protect yourself from financial scam...
AI Analysis
The Central Bank of Ireland (CBI) has issued a warning under section 53 of the Central Bank (Supervision and Enforcement) Act 2013 against **Arbionis**, stating that it is an **unauthorised investment firm** and is **not authorised to provide investment services in Ireland**. This matters for compliance teams because it reinforces obligations around dealing only with duly authorised counterparties, screening against CBI’s unauthorised firms list, and ensuring robust customer and third‑party due diligence to avoid facilitation of unregulated investment activity.
What Changed
- The CBI has formally designated Arbionis as an unauthorised investment firm and published its details (name, website, phone number) as a warning notice on its website.
The CBI has clarified that Arbionis is not authorised to provide investment services in Ireland, meaning it cannot lawfully carry out regulated investment activities in or into Ireland.
The name Arbionis has been published under section 53 of the Central Bank (Supervision and Enforcement) Act 2013, confirming this is part of the CBI’s supervisory and enforcement toolkit against...
The warning reiterates that market participants and the public should use the CBI’s channels (telephone line and online reporting tool) to report suspected unauthorised firms or persons.
The CBI re‑emphasises its consumer‑protection messaging, directing individuals and firms to its dedicated financial scams information page, thereby underlining expectations that firms proactively...
Suggested Considerations
Screen all existing and prospective counterparties, introducers, and investment product providers against the CBI unauthorised firms list, and update internal watchlists to include Arbionis and its known identifiers (name, website, phone number).
Prohibit onboarding Arbionis as a counterparty, intermediary, or service provider and ensure no marketing, introduction, or distribution arrangements exist or are entered into with this firm.
Conduct an immediate review of client transaction flows and communications to identify any exposure to Arbionis, including referrals, introductions, payments, or client queries referencing Arbionis or its website.
If any exposure to Arbionis is identified, escalate to compliance and legal functions, assess potential consumer detriment, and consider notifying the Central Bank of Ireland via the dedicated phone number or online reporting channel.
Enhance client‑facing communications and website content to warn clients about unauthorised investment firms, referencing the CBI’s financial scams guidance and explaining how clients can verify authorisation status.
Key Dates
10 July 2026
- CBI issues and publishes the warning notice that Arbionis is an unauthorised investment firm and is not authorised to provide investment services in Ireland, with the name published under section 53 of the Central Bank (Supervision and Enforcement) Act 2013
Compliance Impact
Non‑compliance with Irish regulatory requirements on authorisation and dealings with unauthorised firms can expose entities to enforcement risk, civil liability, and significant consumer‑protection issues, especially if clients suffer losses through referrals or introductions to such firms. Failure to detect or act on CBI warning notices may also be viewed negatively in supervisory assessments of governance, conduct risk, and financial crime controls.
Warning: Unauthorised Investment Firm / Investment Business Firm Unauthorised Firm Name LGIM Managers (Europe) Limited (CLONE) Website None Email addresses used info@lgimeu.com (no longer active) office@bunqpartner.com Purported address Friedrich-Ebert-Anlage 49 60311 Frankfurt am Main Phone number used +49 69 9675 5450 Authorisation in Ireland LGIM Managers (Europe) Limited (CLONE) is not authorised to operate as an investment firm or investment business firm in Ireland. Additional informati...
AI Analysis
The Central Bank of Ireland (CBI) has issued a warning notice that a **clone entity using the name “LGIM Managers (Europe) Limited (CLONE)” is offering fake investments and falsely claiming partnerships with bunq Bank and other institutions, without any authorisation to provide investment services in Ireland**. This matters for compliance teams because it highlights active impersonation of a CBI‑authorised MiFID/AIFM firm, the risk of client and staff being deceived by sophisticated cloning scams, and the need for strengthened controls around firm verification, client communications, and scam response.
What Changed
- The CBI has formally designated “LGIM Managers (Europe) Limited (CLONE)” as an unauthorised investment firm / investment business firm and published its details on the CBI unauthorised firms list...
The CBI has explicitly stated that the clone entity is not authorised to operate as an investment firm or investment business firm in Ireland, thereby clarifying that any investment services offered...
The warning identifies specific contact details associated with the scam, including email addresses info@lgimeu.com (now inactive) and office@bunqpartner.com, a purported address at...
The CBI has confirmed that the clone has copied the name and registration details of the legitimate CBI‑authorised firm LGIM Managers (Europe) Limited (C173733), while emphasising that there is no...
By publishing the firm under section 53 of the Central Bank (Supervision and Enforcement) Act 2013, the CBI has activated its statutory regime for public warning notices on unauthorised firms,...
Suggested Considerations
Update customer‑facing fraud warnings, website scam information pages, and client communications to include reference to the CBI warning on the LGIM clone and to explain how clients can verify whether a firm is authorised in Ireland.
Enhance onboarding and periodic KYC / KYB procedures to include independent verification of counterparties’ authorisation status on the CBI register and cross‑check any claimed partnership with LGIM Managers (Europe) Limited, bunq Bank, or similar institutions.
Implement or update internal guidance requiring staff to escalate immediately any client queries, introductions, or marketing materials referencing “LGIM Managers (Europe) Limited (CLONE)” or using the listed contact details to the compliance and financial crime teams.
Conduct a targeted review of recent and ongoing distribution, referral, and introducer arrangements to identify any potential exposure to unauthorised clone entities or intermediaries misusing the LGIM brand or falsely claiming CBI authorisation.
Train frontline staff, relationship managers, and call‑centre agents on the specific red flags associated with clones of authorised firms, including copied registration details, foreign addresses, and use of generic email domains, and on the process for verifying authorisation with the CBI.
Key Dates
28 April 2023
– CBI previously issued a warning notice regarding a fraudulent entity cloning LGIM Managers (Europe) Limited and offering fake “Legal & General” bond investments, establishing a history of cloning activity around this authorised firm
10 July 2026
– CBI publishes the current warning notice “LGIM Managers (Europe) Limited (CLONE) – Central Bank of Ireland Issues Warning on Unauthorised Firm”, formally identifying the clone, its contact details, and its unauthorised status under section 53 of the Central Bank (Supervision and Enforcement) Act 2013
Compliance Impact
Non‑compliance exposes firms to regulatory enforcement, criminal law risk where unauthorised activity is facilitated, and significant reputational damage for failing to prevent or respond adequately to clone‑firm scams involving their brand or clients. Firms that do not implement robust verification and reporting processes may face heightened conduct‑risk, customer detriment, and potential supervisory scrutiny from the CBI and other EU regulators.
Warning: Unauthorised Insurance Intermediary Unauthorised Firm Name Inloovi Ireland Ltd. (Clone) Website address https://inloovi.com/ Email addresses used insurance@inloovi.com complaints@inloovi.com noreply@inloovi.com hello@inloovi.com Authorisation in Ireland This firm is not authorised to provide insurance intermediary/distribution services in Ireland. Additional information This Unauthorised Firm has cloned details of a Central Bank authorised firm and has been seeking to pass itself off...
AI Analysis
The Central Bank of Ireland (CBI) has issued a **Section 53 Central Bank (Supervision and Enforcement) Act 2013 warning notice** against **Inloovi Ireland Ltd. (Clone)**, an unauthorised entity falsely presenting itself as **A.R.B. Underwriting Limited t/a Buddy Travel Insurance** in order to provide insurance intermediation/distribution services in Ireland without authorisation. This reinforces CBI’s ongoing focus on **clone scams**, and has immediate implications for Irish‑authorised insurers, MGAs, and intermediaries around due‑diligence on counterparties, website/email abuse monitoring, and customer communications to prevent consumer detriment.
What Changed
- The CBI has formally identified “Inloovi Ireland Ltd. (Clone)” as an unauthorised insurance intermediary that is not authorised to provide insurance intermediary or insurance distribution services...
The CBI has publicly associated specific digital identifiers with this fraudulent entity, including the website inloovi.com and email addresses insurance@inloovi.com, complaints@inloovi.com,...
The CBI confirms that Inloovi Ireland Ltd. (Clone) has cloned details of a legitimate CBI‑authorised firm, A.R.B.
The CBI clarifies that there is no connection whatsoever between the legitimate authorised entity and the clone firm, and the warning is intended to protect both consumers and the legitimate firm’s...
The CBI reiterates that the name of the unauthorised firm is published under Section 53 of the Central Bank (Supervision and Enforcement) Act 2013, reinforcing its supervisory and enforcement stance...
Suggested Considerations
Review and update internal sanctions/blacklist and fraud‑risk lists to include “Inloovi Ireland Ltd. (Clone)”, the domain inloovi.com, and the listed email addresses, ensuring screening across onboarding, claims, complaints, and payment processing.
Conduct an immediate counterparty and referral review to confirm that no current or proposed distribution, outsourcing, or referral arrangements involve Inloovi Ireland Ltd. (Clone) or entities using the inloovi.com domain.
Enhance KYC and intermediary due‑diligence procedures to include explicit checks against the CBI’s unauthorised firms list and Section 53 Warning Notices before entering into any new intermediary, coverholder, or introducer arrangement.
Update staff training (particularly for sales, claims, complaints, and contact‑centre teams) on recognising clone‑firm indicators (e.g., similar names, use of look‑alike domains, unofficial email addresses) and on escalation pathways to compliance and fraud teams.
Review and, where necessary, enhance website monitoring and brand‑abuse detection (including domain monitoring, phishing detection, and use of take‑down services) to identify and address fraudulent websites or email domains purporting to represent the firm.
Key Dates
10 July 2026
- CBI issues and publishes the Warning Notice identifying Inloovi Ireland Ltd. (Clone) as an unauthorised insurance intermediary and clone of A.R.B. Underwriting Limited t/a Buddy Travel Insurance, and lists the associated website and email addresses
Compliance Impact
Failure to identify and respond to clone‑firm activity can expose regulated insurers and intermediaries to significant conduct, reputational, and potential supervisory risk, particularly where consumers mistakenly believe fraudulent activity is connected to an authorised firm. While the warning is formally directed at an unauthorised entity, CBI expectations on active detection, reporting, and customer communication are clear, and weak controls in these areas may attract supervisory scrutiny and, in serious cases, enforcement interest.
Warning: Unauthorised Retail Credit Firm Unauthorised Firm Name Loan Empower Solution Website https://www.lesolution.eu Purported address The Merrion Buildings, 18–20 Merrion Street, Dublin 2, D02 XH98, Ireland Email address used contact@lesolution.eu Phone number used +49 30 1234 5678 Authorisation in Ireland Loan Empower Solution is not authorised as a retail credit firm in Ireland. Additional information Loan Empower Solution appears to be engaged in ‘advanced fee fraud’, where a payment i...
AI Analysis
The Central Bank of Ireland (CBI) has issued a formal warning under section 53 of the Central Bank (Supervision and Enforcement) Act 2013 against **Loan Empower Solution**, an unauthorised firm purporting to offer retail credit from a Dublin address while apparently engaging in **advance fee fraud**. This reinforces supervisory expectations that authorised firms operating in or into Ireland must have robust controls around unauthorised-firm risk, fraud referrals, and customer communications, particularly where clone or bogus “retail credit” offerings are involved.
What Changed
- The CBI has added Loan Empower Solution (website: lesolution.eu) to its public list of unauthorised firms and explicitly categorised it as an unauthorised retail credit firm operating without the...
The CBI has publicly stated that Loan Empower Solution appears to be operating an advance fee fraud model, where upfront payments are requested for credit services that are never provided.
The CBI has confirmed that the firm is using a purported Irish business address (The Merrion Buildings, 18–20 Merrion Street, Dublin 2, D02 XH98), a non-Irish telephone number, and a specified...
The firm’s name has been published under section 53 of the Central Bank (Supervision and Enforcement) Act 2013, reaffirming the CBI’s use of its statutory power to publicly identify entities...
The CBI has directed the public to its unauthorised firms search and financial scams information pages, implicitly reinforcing expectations that firms promote use of these tools in their consumer...
Suggested Considerations
Review and update internal unauthorised-firm and scam monitoring procedures to ensure Loan Empower Solution and its identifiers (name, website, address, email, telephone number) are captured in watchlists, fraud rules, and staff guidance.
Screen recent and ongoing customer transactions and communications for any references to Loan Empower Solution or similar lending scams requesting upfront “loan fees”, and escalate any matches to fraud and compliance teams.
Update customer-facing communications and website scam warnings to highlight the risk of advance fee fraud in retail credit, referencing the need to check the CBI registers and unauthorised-firms list before engaging with lenders.
Ensure call centre, branch, and digital support staff are trained to identify and respond to customers approached by unauthorised lenders, including how to advise customers to verify authorisation status on the CBI website and to report suspected scams.
Incorporate checks against the CBI unauthorised firms search into onboarding, due diligence, and third-party risk management processes for any lending-related partnerships, introducers, or lead generators.
Key Dates
26 June 2026
- CBI publishes the warning notice against Loan Empower Solution as an unauthorised retail credit firm and lists the firm under section 53 of the Central Bank (Supervision and Enforcement) Act 2013
Compliance Impact
Non-compliance primarily exposes firms to conduct and financial crime risk, including facilitating fraud, failing to protect vulnerable customers, and weaknesses in perimeter controls, which can lead to CBI supervisory findings, reputational damage, and potentially enforcement action for systemic failures. The enforcement signalling is material for any firm active in retail credit or payments, and boards and senior managers responsible for consumer and financial crime risk should treat unauthorised-firm exposure as a priority issue.
The Central Bank of Ireland (CBI) has issued a warning that **“Lambestone Holding Limited (CLONE)” is an unauthorised investment firm / investment business firm / crypto‑asset service provider** and is not authorised to operate or provide services in Ireland. The entity is a scam “clone firm” that has misappropriated the name, address and CRO number of a legitimate company, which heightens impersonation risk for regulated firms and underscores the need for robust client‑onboarding, fraud‑prevention and name‑screening controls.
What Changed
- The CBI has formally designated Lambestone Holding Limited (CLONE) as an unauthorised investment firm, investment business firm and crypto‑asset service provider for Ireland, and has published its...
The warning confirms that Lambestone Holding Limited (CLONE) is not authorised to operate as an investment firm or to provide crypto‑asset services in Ireland, and therefore may not lawfully provide...
The CBI explicitly identifies Lambestone Holding Limited (CLONE) as a “clone firm” that has copied the name, address and CRO number of a legitimate company in the Companies Registration Office (CRO)...
The CBI clarifies that there is no connection whatsoever between the legitimate CRO‑registered company and the scam entity, thereby protecting the reputation of the genuine firm and reducing...
The warning includes a non‑exhaustive list of websites, email domains and telephone numbers used by the clone (multiple .com domains, support and individual email accounts, and international phone...
Suggested Considerations
Update internal sanctions, fraud, and high‑risk entity screening lists immediately to include Lambestone Holding Limited (CLONE), its known websites, email addresses and telephone numbers, and ensure these are used in client onboarding, periodic KYC reviews and transaction monitoring.
Instruct client‑facing and dealing staff not to refer clients to, or accept instructions from, Lambestone Holding Limited (CLONE) or any individual using the listed domains, emails or phone numbers, and document this in internal guidance.
Review and enhance client‑due‑diligence procedures to include explicit checks for clone‑firm indicators, including mismatches between a firm’s claimed regulatory status and the CBI online registers, as well as verification against CRO records.
Implement a formal process to monitor and log Central Bank of Ireland warning notices (and similar notices from ESMA, other EU national competent authorities, FCA, etc.) and to propagate relevant alerts across first‑ and second‑line control functions.
Conduct targeted staff awareness and training sessions for front‑office, call‑centre, and complaints‑handling teams on clone‑firm typologies, with Lambestone Holding Limited (CLONE) used as a current example of CRO‑identity cloning.
Key Dates
17 June 2026
- CBI issues and publishes the warning notice that Lambestone Holding Limited (CLONE) is an unauthorised investment / investment business firm / crypto‑asset service provider and that its name is listed under section 53 of the Central Bank (Supervision and Enforcement) Act 2013
Compliance Impact
The compliance impact is high: dealing with, introducing business to, or failing to protect clients from clearly identified unauthorised and clone firms can expose regulated entities to supervisory criticism, enforcement risk, and significant conduct‑risk and reputational damage. While the CBI warning is aimed primarily at the public, regulators increasingly expect supervised firms to evidence proactive monitoring of such notices and to embed them into financial crime and consumer‑protection controls.
Warning: Unauthorised Investment Firm / Unauthorised Investment Business Firm Unauthorised Firm Name MakoTrade Website address https://www.makotrade.net Email address used support@Makotrade.com Authorisation in Ireland MakoTrade purporting to be part of the BlauStein Investitionen Gruppe is not authorised as an investment firm or an investment business firm in Ireland. Notes: Any person wishing to contact the Central Bank with information regarding such firms / persons may telephone (01) 224 ...
AI Analysis
The Central Bank of Ireland (CBI) issued a warning on **17 June 2026** stating that **MakoTrade** is **not authorised in Ireland** as an investment firm or investment business firm and that it is purporting to be part of the **BlauStein Investitionen Gruppe**. For compliance teams, this is a clear indicator of an **unauthorised-firm / potential clone-style scam risk**, requiring immediate counterparty, marketing, and client-onboarding controls to prevent customer harm and reputational spillover.
What Changed
- The CBI has formally identified MakoTrade as an unauthorised investment firm / unauthorised investment business firm in Ireland.
The warning confirms that MakoTrade is not authorised to provide investment services in Ireland, regardless of any claimed affiliation with the BlauStein Investitionen Gruppe.
The CBI has published the firm’s website address and email address used as part of its warning notice, signaling an active consumer-protection alert.
The publication falls under section 53 of the Central Bank (Supervision and Enforcement) Act 2013, which is the statutory basis for naming the unauthorised firm.
The CBI directs the public to its financial scams guidance and provides a reporting route for information about unauthorised firms.
Suggested Considerations
Screen all new and existing client introductions, counterparties, and external inquiries against the CBI warning list and treat MakoTrade as unauthorised unless independently proven otherwise.
Block or escalate any payments, transfers, or onboarding requests involving MakoTrade, its website, its email domain, or any claimed BlauStein Investitionen Gruppe affiliation.
Update fraud and scam detection playbooks to include the CBI’s warning notice as a trigger for enhanced due diligence and referral to financial crime teams.
Notify relationship managers, client-facing staff, and call-centre teams that MakoTrade must not be represented as authorised in Ireland.
Review client complaints, inbound leads, and suspicious payment patterns for any contact with the listed website or email address and preserve evidence for reporting.
Key Dates
17 June 2026
- The Central Bank of Ireland issued the warning notice naming MakoTrade as an unauthorised investment firm
Compliance Impact
The practical severity is high because CBI unauthorised-firm warnings are designed to stop ongoing consumer harm and often indicate a scam or clone-style impersonation risk. Firms that fail to detect, block, or escalate dealings with such entities can face conduct, fraud, AML, and reputational consequences, especially if customer money is routed through their systems.
Warning: Unauthorised Investment Firm / Investment Business Firm Unauthorised Firm Name AllianceBernstein Limited (CLONE) Email Address’s • clientservices@abprivatemanagement.com • info@abprivatemanagement.com Authorisation in Ireland AllianceBernstein Limited (Clone) is not authorised to operate as an investment firm or investment business firm in Ireland. Additional Information This scam firm cloned the details (name and address) of the legitimate Central Bank authorised firm in order to ad...
AI Analysis
What Changed
- The CBI has formally published AllianceBernstein Limited (CLONE) under section 53 of the Central Bank (Supervision and Enforcement) Act 2013 as an unauthorised firm.
The warning confirms that the clone is not authorised to provide investment firm or investment business firm services in Ireland.
The CBI identifies the use of cloned identity details—specifically the legitimate firm’s name and address—as a deceptive tactic intended to add legitimacy to the scam.
The notice provides the specific scam email addresses used by the unauthorised entity, which should be treated as fraud indicators in screening and client-education controls.
The CBI reiterates that consumers and counterparties can report suspicious firms directly to the regulator and that the publication sits within its broader anti-scam warning framework.
Suggested Considerations
Verify that any entity claiming to be AllianceBernstein Limited is matched against the CBI authorisation register before any onboarding, trading, mandate acceptance, or payment activity.
Block or escalate any contact using the email addresses clientservices@abprivatemanagement.com and info@abprivatemanagement.com as potential fraud indicators.
Update fraud and onboarding controls to detect clone-firm impersonation, including mismatches in firm name, address, domain, and regulator reference details.
Notify client-facing teams and operations staff that the legitimate authorised firm has no connection with the clone entity and that enquiries should be independently verified.
Refresh customer communications and website warnings to remind clients to confirm authorisation status before sharing funds or instructions.
Key Dates
17 June 2026
- The Central Bank of Ireland issued the warning notice identifying AllianceBernstein Limited (CLONE) as an unauthorised investment firm/investment business firm
Compliance Impact
The severity is high because the publication signals an active unauthorised-firm scam that can lead to client losses, reputational damage, and potential control failures if firm verification processes are weak. Firms that ignore clone warnings may inadvertently facilitate fraud, miss suspicious activity indicators, or expose clients to non-compensable losses.
Warning: Unauthorised Investment Firm / Unauthorised Investment Business Firm Unauthorised Firm Name LARL F.S / LARL Financial Services (CLONE) Website https://larlfs.com/ Email addresses used • enquiries@larlfs-eu.com • info@larlfs.com • liam.mccarthy@larlfs-eu.com Authorisation in Ireland LARL F.S / LARL Financial Services (Clone) is not authorised to provide investment services in Ireland. Additional Information This firm is cloning the identity of the legitimate Central Bank authorised fi...
AI Analysis
On 17 June 2026, the Central Bank of Ireland (CBI) issued a Section 53 warning naming “LARL F.S / LARL Financial Services (CLONE)” as an unauthorised investment firm that is fraudulently cloning the identity of the authorised firm LARL Financial Services Limited (C176004). The notice highlights active misuse of a genuine CBI authorisation number and branding, reinforcing the need for regulated firms and distributors to strengthen counter‑fraud due diligence, verification of counterparties, and investor communications around clone scams.
What Changed
- The CBI has formally designated “LARL F.S / LARL Financial Services (CLONE)” as an unauthorised investment firm / unauthorised investment business firm and has added it to its public list of...
The CBI has confirmed that LARL F.S / LARL Financial Services (CLONE) is not authorised to provide investment services in Ireland and is falsely claiming to be regulated by the CBI under reference...
The CBI has identified specific scam touchpoints used by the clone, including the website larlfs.com and email domains larlfs-eu.com and larlfs.com, enabling firms to update internal watchlists and...
The CBI has explicitly clarified that there is no connection whatsoever between the clone entity and the legitimate authorised firm LARL Financial Services Limited (C176004), thereby protecting the...
The warning reiterates the CBI’s use of its Section 53 powers to publish the name of firms that either provide financial services without appropriate authorisation or hold themselves out as regulated...
Suggested Considerations
Update internal sanctions, fraud, and high‑risk entity lists to include “LARL F.S / LARL Financial Services (CLONE)” and the domains larlfs.com and larlfs-eu.com, and block these from use in onboarding, payments, and trading systems.
Conduct an immediate review of current and recent client files, leads, and referrals to identify any exposure to or interaction with the clone entity, and where found, assess whether suspicious transaction reports or fraud notifications are required under local AML and financial crime rules.
Issue client communications or website notices, especially if your firm’s name is similar to LARL Financial Services, warning clients about clone scams, clarifying official contact points, and instructing clients never to rely on unsolicited contact or unverified email domains.
Update fraud‑awareness and conduct‑risk training materials for staff to cover CBI warnings on clone firms, the specific red flags (misuse of legitimate authorisation numbers, mismatched contact details, unverified websites), and the internal process to verify a firm’s authorisation status.
Review existing distribution and introducer agreements to ensure there is an explicit prohibition on counterparties using the firm’s name, logo, or authorisation details in any way that could facilitate cloning or misrepresentation of regulatory status.
Key Dates
17 June 2026
- CBI publishes the Warning Notice naming “LARL F.S / LARL Financial Services (CLONE)” as an unauthorised firm under Section 53 of the Central Bank (Supervision and Enforcement) Act 2013 and confirms that it is not authorised to provide investment services in Ireland
Compliance Impact
Non‑compliance with expectations around verification of authorisation status, management of clone‑firm risk, and client protection could result in significant conduct‑risk events, potential regulatory scrutiny, civil claims from mis‑sold or defrauded clients, and reputational harm. Failure to detect or respond to interactions with known unauthorised firms may be viewed by the CBI as evidence of inadequate systems and controls in areas such as financial crime prevention and client onboarding.
The Central Bank of Ireland (CBI) has issued a warning notice under section 53 of the Central Bank (Supervision and Enforcement) Act 2013 regarding **“Oristan Ireland Designated Activity Company (CLONE)”**, an unauthorised firm falsely claiming to be the CBI‑authorised Oristan Ireland DAC and using multiple websites, emails, and Irish phone numbers to deceive consumers. This is part of a broader pattern of clone-firm scams targeting Irish and EU investors and requires compliance teams to tighten client‑onboarding, name‑screening, and website/email verification controls to prevent dealings with unauthorised entities.
What Changed
- The CBI has formally identified “Oristan Ireland Designated Activity Company (CLONE)” as an unauthorised investment firm / investment business firm / alternative investment fund manager and...
The CBI confirms that the clone firm is not authorised in Ireland to provide investment services, investment business services, or AIFM activities, despite using the name, address and CBI...
The warning enumerates specific fraud infrastructure used by the clone: four domains (including “oristanirelanddac.com”, “oristan-ire.com” and “oristanportal.com”), multiple email addresses...
The CBI explicitly clarifies there is no connection whatsoever between the legitimate authorised Oristan Ireland DAC and the clone entity or its websites.
The firm’s name is published under section 53 of the Central Bank (Supervision and Enforcement) Act 2013, reinforcing the statutory basis for public warning notices against unauthorised firms.
Suggested Considerations
Update internal unauthorised / fraud firm watchlists and screening tools to include “Oristan Ireland Designated Activity Company (CLONE)” and all associated domains, email addresses and phone numbers listed in the CBI notice.
Implement or enhance name‑matching and clone‑detection controls in onboarding processes to distinguish between the legitimate Oristan Ireland DAC (as per the CBI register) and any entity using the clone websites or contacts.
Review and adjust KYC/CDD procedures to ensure that unusual or mismatched email domains, websites, or phone numbers (particularly those not appearing on the CBI register or official corporate filings) trigger enhanced due diligence and formal second‑line review.
Conduct a targeted communication and training for relationship managers, sales staff, call‑centre agents and client‑facing teams on the Oristan clone case and recent CBI clone‑firm warnings, with practical red‑flag indicators and escalation channels.
Review current fraud‑risk and AML / financial crime frameworks to confirm that clone‑firm risks (including identity theft of authorised entities) are explicitly covered in risk assessments, controls, and monitoring scenarios.
Key Dates
17 June 2026
– CBI warning notice published under section 53 of the Central Bank (Supervision and Enforcement) Act 2013 identifying Oristan Ireland Designated Activity Company (CLONE) as an unauthorised firm
Compliance Impact
Clone‑firm exposure engages both consumer protection / conduct risk and financial crime risk, and failure to detect or respond appropriately could lead to client losses, mis‑selling exposure, civil liability, and regulatory criticism for inadequate systems and controls. Given the pattern of CBI warnings, regulators are likely to expect demonstrable, risk‑based controls around verification of counterparties and claimed authorisations, making this a high‑priority enhancement area for compliance teams.
Central Bank of Ireland has today (Friday 5 June 2026) published its Annual Report and Annual Performance Statement for 2025 . Speaking on publication of the report, Governor Gabriel Makhlouf said: “2025 was a year of significant uncertainty and adjustment. “Inflation across advanced economies continued to moderate from the highs experienced in previous years. In the euro area, we kept interest rates at levels necessary to ensure that inflation returns sustainably to our 2% target even as geo...
AI Analysis
The Central Bank of Ireland (CBI) has published its 2025 Annual Report and Annual Performance Statement, signalling concrete shifts in supervisory approach, consumer protection expectations, and regulatory implementation priorities across digitalisation, financial crime and new EU regimes. For compliance teams in Irish‑authorised firms, this is effectively a roadmap of how CBI will supervise in 2026–2027: enhanced conduct standards under the modernised Consumer Protection Code, intensified focus on financial crime and digital risks (including AI), and more assertive enforcement capacity via a new dedicated prosecutions team.
What Changed
- The modernised Consumer Protection Code entered into effect in 2025, updating the existing Irish conduct framework to reflect digital delivery of financial services and strengthen protections in...
Requirements on informing consumers effectively were tightened, implying higher expectations on clear, fair, not misleading disclosures across digital and traditional channels, and more robust...
New or enhanced obligations concerning consumers in vulnerable circumstances now apply, requiring firms to identify, record and respond to vulnerability and to embed vulnerability considerations into...
Mortgage switching processes are subject to strengthened conduct standards, increasing expectations on how options are presented, how customers are supported to switch, and how potential conflicts or...
Insurance auto‑renewal practices are now more tightly controlled, requiring clearer pre‑renewal information, active consent and controls to mitigate consumer detriment from inertia or unsuitable...
Suggested Considerations
Map the modernised Consumer Protection Code requirements against existing policies, procedures and customer journeys to identify and remediate gaps, particularly in digital channels, disclosure, sales practices and complaints handling.
Update vulnerable customer policies, customer‑facing procedures, training materials and systems flags to ensure systematic identification, recording and tailored treatment of consumers in vulnerable circumstances.
Review mortgage switching processes and documentation to ensure customers receive clear, comparative information on switching options, are not subject to unreasonable barriers or retention tactics, and that conflicts of interest are controlled and documented.
Conduct a comprehensive review of insurance auto‑renewal practices (including communications, timing, consent mechanisms and pricing) and implement changes to align with the strengthened consumer protection expectations.
Strengthen fraud and scam prevention frameworks by enhancing customer education, warnings, authentication, monitoring, incident response and redress processes, with particular focus on online and mobile channels.
Key Dates
01 January 2025
– CBI established a dedicated team to investigate and prosecute offences under financial services legislation
2025 (effective date – specific day not stated)
– The modernised Consumer Protection Code came into effect for Irish‑regulated firms
2025 (throughout the year)
– CBI implemented its new supervisory approach centred on four safeguarding outcomes and reorganised into multi‑disciplinary supervisory teams
2025 (theme year)
– CBI’s Innovation Sandbox focused on combatting financial crime, with seven projects selected on information sharing, identity verification and fraud prevention
December 2025
– CBI published “Regulating & Supervising well – a more effective and efficient framework,” detailing its simplified and outcomes‑focused regulatory framework
Compliance Impact
Non‑compliance with the modernised Consumer Protection Code, new supervisory expectations, and EU‑level regimes such as MiCA, DORA and the EU AI Act can lead to administrative sanctions, reputational damage, and increasingly, investigation and prosecution by CBI’s dedicated enforcement team. Given the integrated, outcomes‑focused supervisory model, weaknesses in any of conduct, prudential, operational resilience or financial crime controls are more likely to trigger broad‑based supervisory interventions and enforcement scrutiny.
Warning: Unauthorised Investment Firm / Investment Business Firm Unauthorised Firm Name FTI Finance Limited (CLONE) Website • https://client.ftifinanceltd.com/auth/login • https://ftifinance-ltd.com/ • https://ftifinancelimited.com Email address used • support@ftifinancelimited.com • support@ftifinance-ltd.com Authorisation in Ireland FTI Finance Limited (CLONE) is not authorised to operate as an investment firm or investment business firm in Ireland. Additional Information This scam firm clo...
AI Analysis
The Central Bank of Ireland (CBI) has issued a warning under section 53 of the Central Bank (Supervision and Enforcement) Act 2013 in relation to **FTI Finance Limited (CLONE)**, an unauthorised investment firm / investment business firm using multiple websites and email domains to impersonate a legitimately authorised firm of the same name. The notice formally confirms that this entity is not authorised to provide investment services in Ireland and highlights a **clone scam** targeting investors, which requires immediate enhancement of client‑facing controls, due diligence, and fraud‑risk processes in all Ireland‑facing businesses.
What Changed
- CBI has formally designated “FTI Finance Limited (CLONE)” as an unauthorised investment firm / investment business firm and published its details on the Central Bank’s unauthorised firms warning...
The CBI explicitly clarifies that FTI Finance Limited (CLONE) is not authorised to operate as an investment firm or investment business firm in Ireland and therefore cannot legally provide MiFID‑type...
The warning identifies specific websites associated with the clone entity that must be treated as high‑risk indicators in client and transaction screening:
-...
The warning identifies specific email addresses used by the clone, which should be added to firms’ fraud and sanctions‑style screening lists:
- support@ftifinancelimited.com
-...
CBI confirms that the scam entity has cloned the details of a CBI‑authorised firm of the same name, underscoring a continuing supervisory focus on clone firm scams and the expectation that regulated...
Suggested Considerations
Screen existing and new customers against the details in the CBI warning and immediately block or enhance review of any relationships, communications, or transactions involving the listed websites or email domains linked to FTI Finance Limited (CLONE).
Update internal fraud and financial crime watchlists to include the name “FTI Finance Limited (CLONE)” as well as the specific domains and email addresses identified in the CBI notice.
Enhance customer‑facing verification processes to require staff to confirm the regulatory status of any firm claiming to be FTI Finance Limited against the CBI public register before onboarding, referral, or execution of transactions.
Review and update client communications, investor education materials, and website FAQs to highlight the risks of clone firms, directing clients to verify authorisation using the CBI register and to consult CBI’s financial scams information.
Train front‑office, call‑centre, compliance, and fraud‑operations staff on the characteristics of clone investment scams, including this specific case, and embed clear escalation procedures for suspected clone activity.
Key Dates
05 June 2026
- CBI publishes the warning notice on FTI Finance Limited (CLONE) as an unauthorised investment firm / investment business firm under section 53 of the Central Bank (Supervision and Enforcement) Act 2013
Compliance Impact
Failure to implement appropriate controls to prevent dealings with unauthorised or clone firms can expose regulated entities to CBI supervisory findings, enforcement action, and significant conduct risk, including client loss and litigation. The publication also raises financial crime and fraud‑risk expectations, so inadequate response may be treated as a failure of governance, customer due diligence, and consumer protection frameworks.
Warning: Unauthorised Banker Unauthorised Firm Name HSBC Continental Europe (CLONE) Website https://campaign.eligibility-advisorscorporate.com/ Telephone Number (01) 6214 2195 (07) 4313 0963 Email address used hsbc@corporate-dublin.com Authorisation in Ireland This scam entity cloned the name and details of a firm authorised by the Central Bank and has been seeking to pass itself off as the legitimate firm, HSBC Continental Europe, in order to deceive consumers. Additionally, the scam entity ...
AI Analysis
The Central Bank of Ireland (CBI) has issued a warning notice (under section 53 of the Central Bank (Supervision and Enforcement) Act 2013) about a **clone “HSBC Continental Europe (CLONE)”** operating as an unauthorised banker and fraudulently using the CBI authorisation number of **Cowan Insurance Brokers Limited (CBI00001421)**. The case underscores heightened clone‑firm risk and obliges compliance, financial crime and customer‑facing teams to strengthen name‑screening, verification of authorisation numbers, and scam‑response procedures when dealing with references to HSBC, Cowan Insurance Brokers Limited, and similar high‑profile brands.
What Changed
- The CBI has formally designated “HSBC Continental Europe (CLONE)” as an unauthorised banker / unauthorised firm and added it to its public unauthorised firms list.
The CBI has identified and published the specific contact details associated with the scam entity, including the website `https://campaign.eligibility-advisorscorporate.com/`, Irish phone numbers...
The publication confirms that the fraudulent entity has cloned both the name and details of HSBC Continental Europe and separately cloned the authorisation number CBI00001421, which belongs...
The CBI expressly states there is no connection between Cowan Insurance Brokers Limited and the fraudulent entity, thereby clarifying that any use of that authorisation number in combination with the...
The warning reiterates that any unauthorised provision of financial services that requires CBI authorisation is a criminal offence, reinforcing the enforcement stance seen across prior clone‑HSBC...
Suggested Considerations
Update internal sanctions / fraud / negative‑news / watchlists to include “HSBC Continental Europe (CLONE)” together with the published website, phone numbers, and email address, and ensure these are blocked or escalated on detection.
Implement or reinforce procedures to independently verify CBI authorisation numbers and firm details directly against the CBI registers, and ensure staff understand that cloned use of an otherwise valid authorisation number is a red‑flag indicator of fraud.
Conduct an immediate targeted review of recent and pending client interactions, payments, and investment instructions to identify any exposure to the scam entity or its contact details, and escalate any hits to financial crime and legal teams.
Deliver targeted staff training and reminders (particularly for front‑office, call‑centre, onboarding, and complaints teams) on clone‑firm typologies, including the use of legitimate authorisation numbers (e.g., CBI00001421) by fraudulent entities.
Enhance customer‑facing communications, website warnings, and FAQs to highlight current CBI warnings about HSBC‑branded clones and to instruct customers always to verify firm details via the official CBI registers and not via links sent in emails or on unknown websites.
Key Dates
03 June 2026
- CBI publishes the warning notice “HSBC Continental Europe (CLONE) – Central Bank of Ireland Issues Warning on Unauthorised Firm” under section 53 of the Central Bank (Supervision and Enforcement) Act 2013
Compliance Impact
Failure to detect or appropriately respond to clone‑firm approaches could expose firms to customer loss, complaints, civil claims, and heightened CBI scrutiny regarding the adequacy of fraud, AML, and customer‑protection controls. For CBI‑authorised firms, weak controls around clone‑firm risk may be treated as a conduct and systems‑and‑controls deficiency with potential supervisory or enforcement consequences.
Warning: Unauthorised Irish Collective Asset-Management Vehicle (ICAV) Unauthorised Firm Name Insight Investment Solutions ICAV (CLONE) Website Address https://investmentsolutionsfunds.eu/ Telephone Number 02890137409 Email Address info@insightinvestment.ie Authorisation in Ireland The Clone Firm is not authorised to provide financial services in Ireland. Additional Information The Clone Firm is using the name and Central Bank Registration Number of the legitimate Central Bank authorised Fund...
AI Analysis
The Central Bank of Ireland (CBI) has issued a warning under section 53 of the Central Bank (Supervision and Enforcement) Act 2013 against a **clone** entity using the name *Insight Investment Solutions ICAV (CLONE)*, fraudulently holding itself out as an authorised Irish Collective Asset-management Vehicle (ICAV). The scam firm is using the name and Central Bank registration number of the legitimate CBI‑authorised fund Insight Investment Solutions ICAV, with no connection between them, creating significant conduct, fraud‑risk, and client‑asset risks for firms that may be exposed via distribution, introductions, or client referrals.
What Changed
- The CBI has formally designated *Insight Investment Solutions ICAV (CLONE)* as an unauthorised ICAV and publicly listed it as an unauthorised firm under section 53 of the Central Bank (Supervision...
The CBI confirms the clone firm is not authorised to provide financial services in Ireland and is unlawfully using the name and Central Bank registration number of the legitimate ICAV to deceive...
The warning explicitly clarifies that there is no connection whatsoever between the legitimate Central Bank authorised Insight Investment Solutions ICAV and the clone entity, which must now be...
Contact details (website, telephone number, email) used by the clone are now identified by the CBI as fraudulent identifiers that should be incorporated into internal fraud and financial‑crime...
The publication reinforces the CBI’s expectation that firms and the public report suspected unauthorised firms to the CBI and consult CBI public registers and scam guidance when verifying...
Suggested Considerations
Update internal sanctions, fraud, and negative‑news screening lists and any “unauthorised firms” watchlists to include Insight Investment Solutions ICAV (CLONE) and its associated website, phone number, and email address.
Instruct onboarding, KYC, and product‑approval teams to verify any reference to “Insight Investment Solutions ICAV” directly against the CBI registers, ensuring the Central Bank registration number and contact details match the legitimate authorised ICAV, not the clone.
Implement or reinforce clone‑firm detection controls, including validation of firm names, registration numbers, URLs, emails, and phone numbers against official CBI (and other relevant NCA) registers before onboarding a fund, manager, or distributor.
Circulate a targeted internal fraud/scam alert to front‑office, distribution, advisory, call‑centre, and client‑facing staff highlighting the existence of this specific clone, its identifiers, and the escalation process if approached.
Review and, where necessary, update financial promotions and distribution due‑diligence procedures to require confirmation that any Irish ICAV referenced in marketing materials is directly verified on the CBI register and not accessed via unverified third‑party domains.
Key Dates
03 June 2026
- CBI issues and publishes the warning notice identifying Insight Investment Solutions ICAV (CLONE) as an unauthorised ICAV and clarifying the absence of any connection with the legitimate authorised fund
Compliance Impact
Failure to detect and avoid dealing with clone firms exposes regulated entities to material risks of facilitating fraud, mis‑selling, customer losses, and serious breaches of consumer‑protection, financial‑crime, and authorisation rules. Regulatory consequences may include supervisory findings, enforcement action, civil claims from investors, and reputational damage where firms are found to have inadequate due‑diligence and verification controls.
Warning: Unauthorised Investment Firm / Investment Business Firm / Crypto-Asset Service Provider Unauthorised Firm Name AMOVA Asset Management Ireland Limited (Clone) Website https://amova-assets.com/ Email address used admin@amova-asset.com Authorisation in Ireland AMOVA Asset Management Ireland Limited (Clone) is not authorised to operate as an investment firm, investment business firm or provide crypto-asset services in Ireland. Additional Information This firm cloned the details of a legi...
AI Analysis
On 03 June 2026, the Central Bank of Ireland (CBI) issued a Warning Notice under section 53 of the Central Bank (Supervision and Enforcement) Act 2013 in relation to **AMOVA Asset Management Ireland Limited (Clone)**, highlighting it as an unauthorised **investment firm / investment business firm / crypto‑asset service provider** operating in Ireland. The entity has cloned the details of a legitimate CBI‑authorised firm of the same name, which materially heightens fraud, mis‑selling, and counterparty risk for regulated firms and their clients, and demands strengthened onboarding, name‑screening and fraud‑risk controls.
What Changed
- The CBI has formally designated “AMOVA Asset Management Ireland Limited (Clone)” as an unauthorised investment firm, investment business firm and crypto‑asset service provider for the purposes of...
The Warning Notice confirms that the clone entity is not authorised to operate in Ireland and must not be treated as a regulated counterparty or service provider.
The CBI explicitly clarifies there is no connection whatsoever between the Central Bank‑authorised firm of the same name and the scam entity, reinforcing expectations for firms to distinguish between...
The publication reiterates that the entity is using website and email details (including the domain amova‑assets.com and the email admin@amova‑asset.com) to approach consumers, which should be...
By publishing the firm name under section 53 of the Central Bank (Supervision and Enforcement) Act 2013, the CBI reinforces its ongoing supervisory focus on clone‑firm frauds and the expectation that...
Suggested Considerations
Configure name‑screening tools, CRM systems and vendor/onboarding databases to flag “AMOVA Asset Management Ireland Limited”, “AMOVA Asset Management Ireland Limited (Clone)”, the website domain “amova‑assets.com” and the email “admin@amova‑asset.com” as high‑risk indicators requiring escalation.
Implement controls to distinguish between the legitimate CBI‑authorised AMOVA firm and the clone, for example by storing verified legal entity identifiers (LEIs), company registration numbers, CBI authorisation numbers and official domains for the legitimate firm.
Train relationship managers, advisers, client‑facing staff and call‑centre teams to recognise characteristics of clone‑firm scams, including cloned names, look‑alike websites and unsolicited approaches, using this warning and recent similar CBI notices as case studies.
Review and, where necessary, strengthen client‑communication and investor‑education materials to explain the risk of clone firms, directing clients to the CBI’s public registers and warning notices to independently verify firm authorisation.
Enhance fraud‑risk and financial crime risk assessments to explicitly include clone‑firm risks in the investment, wealth‑management, and crypto‑asset channels, and document how these risks are mitigated (e.g. screening, call‑back controls, domain verification).
Key Dates
03 June 2026
- CBI issues the Warning Notice on AMOVA Asset Management Ireland Limited (Clone), formally confirming it is unauthorised to operate as an investment firm, investment business firm or to provide crypto‑asset services in Ireland, and publishing its details under section 53 of the Central Bank (Supervision and Enforcement) Act 2013
Compliance Impact
Non‑compliance with these expectations does not directly breach a new rule, but materially increases exposure to fraud, mis‑selling and client detriment, which can lead to enforcement action under existing consumer protection, conduct‑of‑business, financial crime and governance rules if firms fail to prevent, detect, or respond appropriately to clone‑firm activity. The warning also signals heightened supervisory scrutiny; failure to integrate CBI Warning Notices into risk management and onboarding frameworks can be viewed as a weakness in systems and controls.
Warning: Unauthorised Investment Firm / Investment Business Firm Unauthorised Firm Name Apel Investments trading name of Apel Financial Services Distribution (CLONE) Website(s) • https://apelinvestments.com • https://client.apelinvestments.com/register • https://client.apelinvestments.com/login • https://apelinvestments.com/metatrader/ • https://apelinvestments.com/webtrader/ Email address(es) used • support@apelinvestments.com • help@apelinvestments.com • claim@apelinvestments.com • sup@apel...
AI Analysis
The Central Bank of Ireland (CBI) has issued a warning under section 53 of the Central Bank (Supervision and Enforcement) Act 2013 against **Apel Investments**, a **clone** of authorised firm **APEL Financial Distribution Services Limited**, which is not authorised to provide investment or investment business services in Ireland. This highlights heightened expectations on regulated firms to strengthen client‑facing controls, fraud‑risk frameworks and screening processes to detect and respond to clone frauds and unauthorised investment activity.
What Changed
- The CBI has formally listed Apel Investments (trading as Apel Financial Services Distribution) as an unauthorised investment firm / investment business firm that is not permitted to provide...
The CBI confirms that Apel Investments is a clone of an authorised firm (APEL Financial Distribution Services Limited) and has been passing itself off as the legitimate firm to deceive consumers.
The CBI explicitly states that there is no connection between the authorised firm and the unauthorised clone, clarifying that any services provided by Apel Investments are outside the regulated...
The warning identifies specific websites and client portals (including trading platforms such as “metatrader” and “webtrader” paths) associated with the unauthorised firm, signalling that these URLs...
The CBI lists multiple email addresses and phone numbers used by the unauthorised firm, effectively expanding the set of indicators firms should use in fraud‑monitoring, sanctions‑screening‑adjacent...
Suggested Considerations
Review and update fraud‑risk, financial‑crime, and customer‑onboarding procedures to screen against the specific Apel Investments URLs, email addresses and phone numbers listed in the CBI warning.
Update internal watchlists and case‑management systems to flag Apel Investments and associated identifiers as a known unauthorised clone entity and ensure alerts are generated where they appear in customer interactions or transaction narratives.
Conduct a targeted review of recent and pending client complaints, queries and transaction patterns to identify any potential exposure of clients to Apel Investments or similarly named entities.
Enhance staff training, particularly for front‑office, contact‑centre and complaints teams, to ensure they can recognise clone‑firm indicators and correctly advise customers about unauthorised firms and the CBI warning.
For firms with similar names or branding, prepare clear customer communications and website notices that distinguish the authorised entity from any clone and direct clients to the CBI’s warning list and scam‑awareness materials.
Key Dates
03 June 2026
- CBI issues the warning notice under section 53 of the Central Bank (Supervision and Enforcement) Act 2013 in relation to Apel Investments (CLONE) as an unauthorised investment firm / investment business firm
Compliance Impact
The immediate regulatory risk from this particular notice is indirect, but failure to implement reasonable fraud‑prevention, perimeter‑breach detection and client‑protection controls in light of repeated CBI clone‑firm warnings can drive significant conduct, supervisory and reputational risk, including possible supervisory findings on governance, consumer protection and financial‑crime systems and controls. Firms that ignore such warnings face heightened exposure to client loss events, redress costs and intensive CBI scrutiny of their control environment.
Warning: Unauthorised Investment Firm / Unauthorised Investment Business Firm Unauthorised Firm Name Euro Bonds Finder/Irish Rates Finder Website https://eurobondsfinder.com/ Authorisation in Ireland Euro Bonds Finder/Irish Rates Finder is not authorised as an investment business firm in Ireland. Notes: Any person wishing to contact the Central Bank with information regarding such firms / persons may telephone (01) 224 5800. For more information on how to protect yourself from financial scams...
AI Analysis
The Central Bank of Ireland (CBI) has issued a Warning Notice, under section 53 of the Central Bank (Supervision and Enforcement) Act 2013, identifying Euro Bonds Finder/Irish Rates Finder as an unauthorised investment firm/investment business firm and confirming it is not authorised in Ireland to provide investment services. This reinforces CBI’s ongoing focus on online “investment” and comparison-style offerings and requires regulated firms, intermediaries and distributors to ensure they do not engage with or refer clients to this entity and that their financial crime and fraud-detection controls recognise and block similar scams.
What Changed
- The CBI has formally designated Euro Bonds Finder/Irish Rates Finder as an unauthorised investment firm/unauthorised investment business firm and added it to its public unauthorised firms list...
The CBI has explicitly confirmed that Euro Bonds Finder/Irish Rates Finder is not authorised as an investment business firm in Ireland and therefore cannot legally provide investment services or...
The warning clarifies that any dealings with Euro Bonds Finder/Irish Rates Finder fall outside the regulatory perimeter, meaning investors do not benefit from protections such as CBI conduct of...
The publication reiterates CBI’s standing process for reporting suspected scams, including use of the dedicated phone line and the CBI’s online resources on financial scams, strengthening...
By treating this firm in the same way as other comparison or “finder” style websites previously flagged by CBI (for example Rates Finder, EU Bonds and similar sites), the warning underscores an...
Suggested Considerations
Screen all clients, counterparties, introducers, and third-party platforms against the CBI “Search Unauthorised Firms” list and ensure Euro Bonds Finder/Irish Rates Finder is included in internal watchlists and negative lists.
Update internal fraud, scam, and financial crime typology libraries to include Euro Bonds Finder/Irish Rates Finder and similar bond/rate “finder” or comparison-website investment scams, including indicators such as online forms capturing investor details and subsequent unsolicited calls or emails.
Instruct relationship managers, advisory staff, and customer service teams not to refer clients to, or accept referrals from, Euro Bonds Finder/Irish Rates Finder and to escalate any client reports of contact with this firm via internal suspicious activity or fraud reporting channels.
Enhance transaction monitoring and payment screening rules to flag and review attempted transfers to payment accounts or beneficiaries linked to Euro Bonds Finder/Irish Rates Finder or similar unauthorised online investment schemes.
Review marketing, distribution, and partnerships to ensure no white-labelling, lead-sharing, affiliate, or referral arrangements exist, directly or indirectly, with Euro Bonds Finder/Irish Rates Finder or comparable unauthorised comparison/investment platforms.
Key Dates
29 August 2025
– CBI issues a prior warning notice on an analogous unauthorised comparison website, Rates Finder, highlighting the “comparison website scam” model
19 March 2026
– CBI issues a warning on EU Bonds, another unauthorised investment firm, further signalling its focus on online bond and rate “finder” scams
03 June 2026
– CBI publishes the Warning Notice on Euro Bonds Finder/Irish Rates Finder as an unauthorised investment firm/investment business firm under section 53 of the Central Bank (Supervision and Enforcement) Act 2013
Compliance Impact
The compliance impact is high, because dealings with unauthorised firms can expose regulated entities to regulatory enforcement for conduct, financial crime failings, and failures in due diligence on third parties and referrals, in addition to customer detriment and reputational damage. Firms that ignore CBI warnings or fail to adapt their controls to identified scam typologies risk scrutiny in supervisory reviews and potential enforcement action.
Warning: Unauthorised Investment Firm / Investment Business Firm Unauthorised Firm Name Research Vision Limited (CLONE) Website address www.researchvision.com Email addresses used michael.parker@researchvision.com info@researchvision.com privacy@researchvision.com trading@researchvision.com client.services@researchvision.com Telephone Numbers +44 2070978261 +44 2070978260 +44 7403934849 Authorisation in Ireland Research Vision Limited (CLONE) is not authorised to operate as an investment busi...
AI Analysis
CBI has publicly identified **Research Vision Limited (CLONE)** as an unauthorised investment firm operating in Ireland and using cloned details of a legitimate FCA-authorised entity. This matters because clone-firm scams typically rely on identity theft, false contact details, and urgency tactics to induce transfers or account opening, making them a direct financial crime and consumer-protection risk for regulated firms.
What Changed
- CBI has designated Research Vision Limited (CLONE) as an unauthorised investment business firm / investment firm in Ireland.
CBI states the entity is not authorised to operate as an investment business firm or investment firm in Ireland.
CBI confirms the scam firm cloned the details of a legitimate FCA-authorised firm and that there is no connection between the legitimate firm and the fraudulent entity.
CBI has published the firm’s website, email addresses, and telephone numbers to support detection and consumer screening.
The warning notice is published under section 53 of the Central Bank (Supervision and Enforcement) Act 2013.
Suggested Considerations
Screen all incoming client and counterparty requests for the name Research Vision Limited, the website www.researchvision.com, the listed email addresses, and the listed phone numbers before any engagement or transfer is accepted.
Verify authorisation independently using the relevant regulator’s official register rather than relying on contact details provided by the counterparty.
Escalate any approach using cloned credentials to fraud, AML, and legal teams immediately and treat it as potential impersonation fraud.
Block or delay transactions where payment instructions, onboarding details, or communications reference the warning-listed domain or telephone numbers until authenticity is confirmed.
Update adverse media and scam-monitoring controls to capture CBI warning notices involving clone firms and cross-border impersonation cases.
Key Dates
03 June 2026
- CBI issued the warning notice identifying Research Vision Limited (CLONE) as an unauthorised firm in Ireland
Compliance Impact
The severity is high because clone-firm activity can lead to client loss, misdirected payments, AML exposure, and regulatory scrutiny if a firm fails to detect or respond to the impersonation risk. Non-compliance can also create consumer harm and reputational damage, especially where the firm’s controls fail to identify a publicly warned unauthorised entity.
Warning: Unauthorised Investment Firm / Investment Business Firm Unauthorised Firm Name Compare Bonds Ltd Website http://www.comparebondrates.eu/ Email address used info@bondratecompare.com Authorisation in Ireland Compare Bonds Ltd is not authorised to operate as an investment business firm or investment firm in Ireland. Notes: Any person wishing to contact the Central Bank with information regarding such firms / persons may telephone (01) 224 5800 or report an unauthorised firm directly to ...
AI Analysis
The Central Bank of Ireland (CBI) has issued a warning notice under section 53 of the Central Bank (Supervision and Enforcement) Act 2013 in respect of **Compare Bonds Ltd**, confirming it is **not authorised** to operate as an investment business firm or investment firm in Ireland. This reinforces firms’ obligations to perform robust regulatory status checks on any “comparison” or “bond rate” intermediaries and to strengthen fraud‑prevention controls around introduction, referral and distribution channels.
What Changed
- The CBI has added Compare Bonds Ltd to its public list of unauthorised firms under section 53 of the Central Bank (Supervision and Enforcement) Act 2013, confirming it is not authorised to operate...
The warning identifies specific digital identifiers associated with the unauthorised firm, including the website `http://www.comparebondrates.eu/` and the email domain `bondratecompare.com`, which...
The publication continues the CBI’s recent thematic focus on “comparison website” style investment scams, following earlier warnings on entities such as Bond Rate Compare / Compare Bonds Ltd, EU...
The notice reiterates that the CBI operates a central reporting channel for unauthorised firms, including a dedicated telephone line and online reporting facility, underscoring expectations that...
The warning is an enforcement‑related action aimed at investor protection and market integrity, signalling that regulated firms must not treat introductions, leads or referrals from Compare Bonds Ltd...
Suggested Considerations
Screen all existing and prospective introducers, lead generators, comparison sites and affiliates against the CBI’s unauthorised firms list, and immediately block or off‑board any relationship linked to Compare Bonds Ltd, Bond Rate Compare or the domains and websites identified.
Update internal fraud‑risk, KYC and onboarding procedures to include explicit checks for CBI unauthorised‑firm warnings for any third party that sources or routes investment or deposit business, especially where “comparison”, “bond”, “EU rates” or similar branding is used.
Instruct front‑office, sales and relationship‑management staff not to accept introductions, leads or client referrals from Compare Bonds Ltd or any entity using the websites or email domains cited in the CBI warning.
Enhance transaction‑monitoring and case‑management workflows to flag and investigate payments, transfers or instructions referencing Compare Bonds Ltd, comparebondrates.eu, bondratecompare.com, or similarly branded entities previously named in CBI warnings.
Review and, where necessary, update customer‑facing scam warnings and disclosures (websites, apps, terms, and client communications) to highlight the risk of “comparison website” investment scams and to direct customers to the CBI’s unauthorised firm register.
Key Dates
01 December 2025
– CBI previously issued a warning regarding Bond Rate Compare / Compare Bonds Ltd as an unauthorised investment firm / investment business firm
03 June 2026
– CBI publishes the current warning notice confirming Compare Bonds Ltd is an unauthorised firm and disclosing associated website and contact details
Compliance Impact
Failure to identify and disengage from unauthorised comparison‑style entities like Compare Bonds Ltd exposes firms to significant conduct, enforcement and reputational risk, particularly where customers suffer losses via scams linked to the firm’s products or brand. The CBI’s ongoing pattern of warnings indicates elevated supervisory sensitivity to distribution controls, meaning lapses could contribute to findings in conduct or enforcement reviews.
Warning: Unauthorised Banking Business / Unauthorised Payment Services Unauthorised Firm Name Fire Financial Services Limited (CLONE) Website Addresses used • www.financeportfolio.net • www.fire.com.de • www.centralbank.ie.de • www.revenue.ie.de • www.department-of-finance.ie.de Email address used • accounts@compliance-fire.com • fire-support@fire.com.de • fire.support@fire.com.de • support@fire.com.de • fire-eu@fire.com.de • fire@fire.com.de • info@fire.com.de • fireservices@fire.com.de Tele...
AI Analysis
The Central Bank of Ireland (CBI) has issued a warning under section 53 of the Central Bank (Supervision and Enforcement) Act 2013 about a **clone fraud** entity using the name **Fire Financial Services Limited (CLONE)** and multiple deceptive websites, emails, and phone numbers to conduct unauthorised banking business, payment services, and inheritance scams in Ireland. This notice reinforces existing obligations on regulated firms to monitor and respond to misuse of their identity, enhance scam‑prevention controls, and ensure staff and customers can distinguish between genuine and clone communications.
What Changed
- CBI has formally identified Fire Financial Services Limited (CLONE) as an unauthorised entity that is not authorised to provide banking business or payment services in Ireland and is misusing the...
CBI has published specific fraud indicators associated with this clone, including website domains (e.g.
The warning explicitly states that the clone firm appears to be running an inheritance scam, including the use of fake documentation allegedly from third parties, which should be treated as a red...
CBI reiterates that there is no connection between the legitimate authorised Fire Financial Services Limited (C58301) and this fraudulent entity, thereby clarifying the status of the genuine firm and...
The firm’s name is formally published on CBI’s list of unauthorised firms under section 53 of the Central Bank (Supervision and Enforcement) Act 2013, increasing regulatory expectation that firms...
Suggested Considerations
Review and update internal fraud‑risk and financial crime risk assessments to explicitly cover clone‑firm risks, including inheritance scams and impersonation of authorised entities.
Integrate the specific domains, email addresses, and phone numbers listed in the CBI notice into fraud‑monitoring tools, allow‑/block‑lists, and case‑management systems, and ensure they are treated as high‑risk indicators.
Ensure front‑line, call‑centre, and relationship‑management staff receive targeted training and briefing on this specific clone case and on common clone‑firm red flags, including requests related to inheritance payments and use of unofficial domains.
Enhance onboarding and counterparty due diligence procedures to include systematic checks against the CBI “unauthorised firms” list and the CBI public registers, especially where firms claim Irish regulation or use names similar to existing authorised firms.
Update third‑party and introducer due diligence controls to verify that any firm referring business or presenting as an intermediary is properly authorised and not listed as unauthorised under section 53 of the Central Bank (Supervision and Enforcement) Act 2013.
Key Dates
29 May 2026
- CBI issues and publishes the warning notice identifying Fire Financial Services Limited (CLONE) as an unauthorised firm and clone of the legitimate Fire Financial Services Limited (C58301), and lists it under section 53 of the Central Bank (Supervision and Enforcement) Act 2013
Compliance Impact
Non‑compliance primarily manifests through failures in fraud‑risk management and consumer‑protection controls, potentially leading to regulatory scrutiny, enforcement action, and serious reputational damage if customers suffer losses via clone firms that the institution did not adequately warn about or guard against. Failure to identify and avoid dealings with unauthorised entities can also raise questions about a firm’s governance, due diligence, and adherence to CBI expectations under the Central Bank’s supervisory and enforcement framework.
1 We are at the early stages of a potential technological rewiring of finance. Fast-forward ten or twenty years, and it seems likely that the use of shared, programmable ledgers – and the tokenisation of financial assets – will have become embedded across the financial system. Today, we stand at a juncture. The question is less whether the technology will transform finance. Rather, it is how we collectively shape this ongoing transition, so that the potential of tokenised finance is realised,...
AI Analysis
The Deputy Governor’s speech sets out the Central Bank of Ireland’s (CBI) emerging regulatory stance on tokenised finance and distributed ledger technology (DLT), framing it as a structural transition rather than a niche innovation. While it does not introduce new binding rules, it clearly signals supervisory expectations, impending policy development (including follow‑up to the March 2026 Discussion Paper on tokenisation and DLT), and the need for regulated firms to integrate tokenisation risks, governance and operational resilience into existing regulatory frameworks.
What Changed
- The CBI formally recognises tokenisation and shared, programmable ledgers as a likely core infrastructure of the future financial system and signals that regulation will evolve to treat tokenised...
The speech confirms that CBI’s regulatory approach will be “technology‑neutral but not technology‑blind”, indicating that existing EU and Irish rules (e.g.
The CBI emphasises the need to keep central bank money at the core of tokenised finance, aligning its stance with Eurosystem work on wholesale and retail central bank digital currency (CBDC) and...
The speech reinforces that tokenised instruments representing traditional financial assets (securities, deposits, fund units) will generally be treated as regulated financial instruments, triggering...
The CBI highlights operational resilience, cyber risk, interoperability and smart‑contract governance as critical supervisory focus areas for tokenised finance infrastructure and platforms.
Suggested Considerations
Map all current and planned tokenisation and DLT initiatives (including pilots and proofs of concept) across the group and identify which EU and Irish regulatory regimes they fall under (MiFID II, UCITS, AIFMD, CRR/CRD, PSD2/PSR, Solvency II, MiCA, DORA, etc.).
Perform a regulatory gap analysis to confirm that tokenised products and services are fully captured within existing licensing permissions and assess whether any variation of permission, new authorisation, or recognition as a market infrastructure is required.
Review and update governance arrangements so that boards and senior management explicitly oversee tokenisation strategies, risk appetite, and the use of DLT, including ensuring clear allocation of responsibilities under the firm’s senior manager or fitness and probity framework.
Integrate tokenisation‑specific risks into the firm’s risk management framework, covering legal enforceability of tokens, smart‑contract risk, cyber and operational resilience, data integrity, interoperability, concentration risk in technology providers, and settlement and counterparty risk.
Review outsourcing and third‑party risk management frameworks to ensure that DLT platform providers, smart‑contract developers, node operators and custodians are treated as critical or important outsourced service providers where appropriate, with robust contractual, oversight and exit provisions.
Key Dates
05 March 2026
- CBI publishes its Discussion Paper on tokenisation and distributed ledger technology in financial services, initiating a structured consultation on tokenised markets, funds, money and payments
26 May 2026
- Deputy Governor speech sets out the CBI’s strategic approach to tokenised finance, confirming that consultation feedback will inform subsequent policy, supervisory expectations and potential rule changes
05 June 2026
- Closing date for submissions to the CBI Discussion Paper on tokenisation and DLT, after which CBI will prepare a feedback statement and refine its policy stance
TBD (post‑June 2026)
- CBI feedback statement on the tokenisation Discussion Paper expected, likely followed by more granular guidance and potential adjustments to supervisory and authorisation processes for tokenised activities
Compliance Impact
Non‑compliance will not immediately trigger new standalone tokenisation fines, but CBI is likely to use existing conduct, prudential, governance and operational resilience powers to challenge poorly controlled tokenised activities and may restrict or prohibit projects that do not meet its expectations. Firms that treat tokenised finance as “outside the regulatory perimeter” or fail to integrate it into existing compliance frameworks risk supervisory intervention, authorisation issues, enforcement action and reputational damage.
Introduction Good morning – I am delighted to be here, and many thanks to Brian and the BPFI for hosting us. 1 I very much look forward to the discussion, and to hearing from you all today, but before I do I would like to set out some reflections on a number of topics which are currently high on the regulatory agenda. While the discussion is multifaceted, and tied up with a regulatory cycle which has turned, an economic one which has become more challenging, not to mention a renewed focus by ...
Safeguarding Financial Integrity – Central Bank of Ireland’s Approach to Financial Crime Prevention Thank you for the invitation to speak at today’s event. This is an important opportunity for us to engage and share our experiences and approaches to deal with the global challenges and issues we are facing in financial crime. Change, instability, flux, unpredictability - all words that I guarantee you will hear on multiple occasions throughout the day’s events. I will not be any different. We ...
More than one in three Irish adults (35%) have experienced fraud or scams. 38% of fraud victims never reported their experience to their financial service provider or any authority. Research identified risky online behaviours as the single strongest predictor of fraud experience—more influential than age, income, or education level. Fraud victims are far more likely to recover monies when the fraud is reported. Fraud literacy reduces predicted fraud exposure Central Bank of Ireland of Ireland...
Today, the High Court published its written judgment in the matter of the Central Bank’s application under the Fitness & Probity Regime to confirm the one-year prohibition issued to a senior executive on 02 February 2022 concerning his role in a regulated firm in the investment fund and asset management sector. The decision of the High Court was to refuse the application. The Central Bank acknowledges the importance of the Court’s findings and the clarity that the judgment provides in this ca...
AI Analysis
The Central Bank of Ireland (CBI) issued a statement on 17 April 2026 acknowledging a High Court judgment refusing to confirm a one-year prohibition on a senior executive in the investment fund and asset management sector due to inadequate fair procedures during the CBI's Fitness & Probity (F&P) investigation. This matters for compliance professionals as it underscores the critical need for robust fair procedures in F&P processes and highlights recent legislative and guidance enhancements under the Individual Accountability Framework (IAF) Act 2023 to address such shortcomings. Firms must prioritize these updates to mitigate enforcement risks.
What Changed
- Legislative enhancements via IAF Act 2023: Introduced changes to strengthen CBI's investigation and prohibition powers under the F&P Regime, including additional safeguards for fair procedures in...
Updated Regulations and Guidance (April 2023): CBI published revisions reflecting IAF Act changes, focusing on improved investigation and decision-making processes...
CP-150 Consultation (2025): Led to updated Guidance on consolidated Fitness and Probity Standards, separate from F&P investigations...
CP-166 Consultation on Supplemental Guidance: Public consultation on prohibitions closed 25 March 2026; final guidance expected summer 2026...
Suggested Considerations
Review and implement April 2023 updated F&P Regulations and Guidance to ensure investigations and prohibitions incorporate IAF Act fair procedure safeguards (https://www.centralbank.ie/news/article/press-release-central-bank-statement-on-high-court-judgment-17-april-2026).
Conduct internal audits of F&P processes, focusing on fair procedures (e.g., notice, representation rights) for senior executives in CF/PCF roles.
Monitor and prepare for summer 2026 final guidance from CP-166 on prohibitions; submit any late feedback if applicable.
Train compliance and HR teams on heightened procedural standards, referencing High Court emphasis on fair procedures.
For firms in investment funds/asset management: Assess PCF suitability assessments against consolidated F&P Standards from CP-150.
Compliance Impact
Urgency: High – The High Court ruling directly critiques CBI's past F&P procedures, signaling elevated scrutiny on fair process compliance; failure risks court refusals of prohibitions, reputational damage, and escalated enforcement. With final CP-166 guidance imminent (summer 2026), firms face immediate pressure to align processes, especially post-IAF Act, to avoid similar outcomes in ongoing or future investigations.
Warning: Unauthorised Investment Firm / Unauthorised Investment Business Firm / Unauthorised Irish Collective Asset-Management Vehicle (ICAV) Unauthorised Firm Name Clarus IV ICAV (CLONE) Website https://www.clarusiv.com/ Email addresses used enquiries@clarusiv.com accounts@clarusiv.com michael.granger@clarusiv.com Phone number used +353 1525 9660 Authorisation in Ireland Clarus IV ICAV (Clone) is not authorised to provide investment services in Ireland. Additional Information This firm clone...
AI Analysis
The Central Bank of Ireland (CBI) has issued a warning notice under section 53 of the Central Bank (Supervision and Enforcement) Act 2013 regarding **Clarus IV ICAV (CLONE)**, an unauthorised entity cloning a legitimate authorised ICAV to perpetrate investment scams. This matters for compliance professionals as it underscores rising clone firm risks in Ireland's investment sector, requiring vigilance to protect clients and avoid facilitation of scams.
What Changed
This is not a regulatory change but a specific enforcement action publishing details of an unauthorised clone firm. It highlights no new requirements but reinforces existing obligations under Irish law to verify firm authorisation before engaging in investment services, with the CBI actively using public warnings to combat scams.
Suggested Considerations
Client communications: Issue alerts on clone risks and direct to CBI scam protection resources (www.centralbank.ie/financialscams).
Internal screening: Update compliance systems to flag clone indicators (e.g., similar names, cloned authorisation details); report suspicions to CBI at (01) 224 5800.
Legitimate firms: Publicly disavow any connection if cloned, as emphasised by CBI.
Key Dates
17 April 2026
- CBI publishes warning notice on Clarus IV ICAV (CLONE)
Compliance Impact
Urgency: Medium - Immediate for client-facing activities due to active scam using Irish phone numbers and domains, but not a new rule change; matters to prevent regulatory scrutiny for inadequate due diligence or client harm under conduct and authorisation rules. Recent pattern of ICAV clones (e.g., Parus ICAV on 08 April 2026, Red Arc on 10 April 2026) signals heightened scam activity, elevating ongoing monitoring needs.
Warning: Unauthorised Investment Firm / Investment Business Firm Unauthorised Firm Name Pimco Global Wealth / Pimco (Ireland) (Clone) Websites www.pimcoglobalwealth.com www.pimcoprivatewealth.com www.pimcoprivateclients.com www.pimcoglobaladvisors.com Email address used admin@pimcoglobalwealth.com Phone numbers used +353 1 912 8604 +353 1 531 4593 Authorisation in Ireland This firm is not authorised to provide investment services in Ireland. Additional information Pimco Global Wealth / Pimco ...
AI Analysis
The Central Bank of Ireland (CBI) issued a warning notice on 17 April 2026 under section 53 of the Central Bank (Supervision and Enforcement) Act 2013, identifying "Pimco Global Wealth / Pimco (Ireland) (Clone)" as an unauthorised investment firm impersonating the legitimate authorised entity Pimco Global Advisors (Ireland) Limited by cloning its name, CRO number, and address. This matters for compliance professionals as it underscores rising cloning scams targeting Irish consumers, requiring firms to enhance client vigilance, scam monitoring, and public communications to mitigate reputational and conduct risks.
What Changed
This is not a regulatory change or new requirement but a specific enforcement warning publicising an unauthorised clone firm operating via listed websites (www.pimcoglobalwealth.com, www.pimcoprivatewealth.com, www.pimcoprivateclients.com, www.pimcoglobaladvisors.com), email (admin@pimcoglobalwealth.com), and Irish phone numbers (+353 1 912 8604, +353 1 531 4593). It reinforces CBI's ongoing use of section 53 powers to name and shame unauthorised entities engaged in deceptive practices, with no new rules but heightened emphasis on consumer deception via firm cloning.
Suggested Considerations
Verify authorisation: Firms and clients must check CBI's register (www.centralbank.ie) before engaging with any entity claiming to offer investment services.
Issue internal alerts: Authorised firms should disseminate this warning to staff, clients, and intermediaries via emails, client portals, and websites, emphasising no connection to clones.
Monitor and report: Screen for the listed websites, emails, and phone numbers in client communications; report suspicious activity to CBI at (01) 224 5800 or via unauthorised firm reporting portal.
Enhance controls: Implement or update scam detection protocols, including client onboarding checks for impersonation red flags and training on cloning tactics.
Public disclaimers: Legitimate firms like PIMCO should post fraud warnings, as seen on their site, advising against sharing personal/bank details with unknowns.
Key Dates
17 April 2026
- CBI publishes warning notice on Pimco Global Wealth (Clone)
Compliance Impact
Urgency: Medium - Immediate for Pimco-impacted firms due to active deception using Irish contact details, but medium overall as CBI warnings are routine (e.g., multiple Pimco clones in 2024-2026). Matters for conduct risk, client protection, and reputation; failure to act could breach CBI fitness & probity or consumer duty expectations, especially amid rising scams (e.g., Clarus IV ICAV clone on same date).
Warning: Unauthorised Retail Credit Firm Unauthorised Firm Name Finance Advice Help Website Financeadvicehelp.com Email address used contact@financeadvicehelp.com Authorisation in Ireland Finance Advice Help is not authorised to provide retail credit services in Ireland. Notes: Any person wishing to contact the Central Bank with information regarding such firms / persons may telephone (01) 224 5800 or report an unauthorised firm directly to the Central Bank . For more information on how to pr...
AI Analysis
The Central Bank of Ireland (CBI) has issued a warning notice under section 53 of the Central Bank (Supervision and Enforcement) Act 2013, identifying "Finance Advice Help" (website: financeadvicehelp.com; email: contact@financeadvicehelp.com) as an unauthorised firm providing retail credit services in Ireland. This matters for compliance professionals as it underscores CBI's proactive enforcement against unauthorised entities, heightening risks of consumer scams and potential liability for authorised firms if clients inadvertently engage with clones or similar frauds.[Source URL: https://www.centralbank.ie/news/article/finance-advice-help--central-bank-of-ireland-issues-warning-on-unauthorised-firm]
What Changed
This is not a regulatory change but an enforcement action via a public warning notice. It reinforces existing requirements under the Central Bank (Supervision and Enforcement) Act 2013 (section 53), which empowers CBI to publish names of unauthorised firms offering regulated services like retail credit. No new rules are introduced; it signals ongoing vigilance against unauthorised retail credit providers.[Source URL: https://www.centralbank.ie/news/article/finance-advice-help--central-bank-of-ireland-issues-warning-on-unauthorised-firm]
Suggested Considerations
Verify firm status: Use CBI's unauthorised firms search tool before engaging with any retail credit provider (https://www.centralbank.ie/regulation/how-we-regulate/authorisation/unauthorised-firms/search-unauthorised-firms).
Report suspicions: Contact CBI at (01) 224 5800 or via direct reporting portal for any dealings with Finance Advice Help or similar entities.[Source URL: https://www.centralbank.ie/news/article/finance-advice-help--central-bank-of-ireland-issues-warning-on-unauthorised-firm]
Educate clients/staff: Disseminate scam protection guidance from www.centralbank.ie/financialscams; implement "SAFE test" for verification.[Source URL: https://www.centralbank.ie/news/article/finance-advice-help--central-bank-of-ireland-issues-warning-on-unauthorised-firm]
Monitor clones: Screen for impersonation risks, as seen in related warnings (e.g., Shamrock Lend clone).
Key Dates
14 April 2026
Publication date of warning notice; Immediate public alert on unauthorised status of Finance Advice Help.[Source URL: https://www.centralbank.ie/news/article/finance-advice-help--central-bank-of-ireland-issues-warning-on-unauthorised-firm]
Compliance Impact
Urgency: Medium – This is a routine CBI warning (one of many in 2025-2026), not targeting authorised firms directly, but it elevates consumer protection and conduct risks. Firms must act promptly to update internal alerts and client advisories to mitigate reputational harm, regulatory scrutiny, or indirect liability from scam exposures; failure could trigger CBI inquiries under conduct rules.
The Prohibition Notice (PDF) issued after Mr Buckley signed a Statement of Undisputed Facts, in which he accepted that between 1 February 2021 and 12 December 2023, while he was employed at two different retail intermediaries, he issued invoices to clients directing payment to his personal bank account in place of his employers’ bank details. Mr Buckley also accepted that he misrepresented his financial qualifications to clients during the course of his employment. The Prohibition Notice issu...
AI Analysis
The Central Bank of Ireland (CBI) has issued an indefinite prohibition to Nicholas (Nick) Buckley from all controlled functions, effective 25 February 2026, following his admission of diverting client payments to his personal account and misrepresenting financial qualifications while at two retail intermediaries from 1 February 2021 to 12 December 2023. This enforcement action underscores the CBI's commitment to the Fitness and Probity Regime, emphasizing integrity in customer-facing roles to maintain public trust. Compliance professionals should note it as a precedent for severe sanctions on dishonesty, potentially influencing vetting and monitoring practices.
What Changed
This is not a new regulation but an enforcement outcome under the existing Fitness and Probity Regime, established by the Central Bank Reform Act 2010, which mandates high standards of competence, integrity, and honesty for individuals in controlled functions. No regulatory changes are introduced; instead, it reinforces enforcement mechanisms, including investigations and prohibitions for breaches, particularly in customer-facing roles where honesty is paramount.
Suggested Considerations
Firms employing similar roles: Immediately review invoicing processes to ensure payments direct only to firm accounts, with segregation of duties and dual approvals for client billing.
Fitness and Probity assessments: Conduct enhanced due diligence on customer-facing staff, verifying qualifications via independent sources and monitoring for personal financial gain conflicts.
Incident reporting: Escalate any suspected integrity breaches (e.g., qualification misrepresentation or fund diversion) to CBI under fitness and probity notification obligations.
Training programs: Update mandatory training on Fitness and Probity Standards (available at https://www.centralbank.ie/regulation/fitness-and-probity), focusing on honesty in client interactions.
Prohibition checks: Screen all controlled function holders against CBI's public prohibitions list before approvals or role changes.
Key Dates
1 February 2021
12 December 2023; Period of Buckley's admitted misconduct (diverting payments and misrepresenting qualifications)
25 February 2026
Effective date of the indefinite prohibition on Buckley performing any controlled functions
01 April 2026
Publication date of the CBI press release announcing the Prohibition Notice
Compliance Impact
Urgency: Medium – This is a specific enforcement precedent rather than a new rule, but it signals heightened CBI scrutiny on integrity breaches in retail intermediation, with indefinite bans as a tool to protect consumers. It matters because customer-facing misconduct erodes trust, prompting firms to strengthen controls proactively to avoid similar investigations, especially given CBI Director of Enforcement's warning on accountability. Non-compliance risks firm-level sanctions, reputational damage, and operational disruptions.
Good morning everyone. It is a pleasure to join you today at the Abbey Theatre. We are here, of course, to launch a commemorative coin to honour Seán O’Casey, one of Ireland’s most important literary figures, and one whose voice continues to resonate profoundly, both in Ireland and internationally. I am delighted to welcome Shivaun O’Casey, Seán O’Casey’s daughter. It is particularly fitting to mark this occasion in her presence. Thank you to the Abbey Theatre for hosting us here today, a pla...
Good afternoon and welcome to this Central Bank of Ireland workshop on the Consumer Protection Code. Today I will focus on the outlook for consumers and investors. But first let me pause to talk a little about the broader context in which we find ourselves. We are living through a period marked by extraordinary change, geopolitical instability, rapid technological transformation and shifting economic conditions. Governor Makhlouf summarised this well when he said how 2026 has already seen ext...
AI Analysis
Deputy Governor Colm Kincaid's speech on 24 March 2026 emphasizes consumer protection as central to the Central Bank of Ireland's (CBI) mission amid geopolitical, technological, and economic changes, highlighting the revised **Consumer Protection Code 2025** (CPC 2025) as a key modernization effort. This matters for compliance professionals because the CPC 2025 introduces enhanced, digitally-focused protections effective **24 March 2026**, replacing the 2012 Code after a 12-month implementation period, with firms required to proactively secure customer interests.
What Changed
The CPC 2025 comprises Standards for Business Regulations (governance, resources, risk management, conduct standards) and Consumer Protection Regulations (cross-sectoral and sector-specific rules for...
Core obligation: Firms must "secure customers’ interests," shifting to a proactive, customer-focused mindset.
Cross-sectoral requirements: Knowing the consumer/suitability; conflicts of interest/remuneration; vulnerable consumers (updated definition); digitalisation (customer-focused design); effective...
Specific enhancements: Fraud/scam protections; mortgage switching disclosures; greenwashing prevention via clear sustainability claims; expanded consumer definition (e.g., SMEs up to €5m turnover...
Supporting materials: Guidance on securing interests/vulnerable consumers, mapping tool for legacy codes, redline amendments.
Suggested Considerations
Gap analysis: Map current policies/processes against CPC 2025 using CBI's mapping tool; update for new obligations like digital service design, vulnerability screening, fraud measures.
Urgency: High – With effectiveness today (24 March 2026), firms face immediate non-compliance risk as the 12-month window closes; CBI supervision will intensify on digital/fraud/vulnerability protections amid heightened risks (e.g., cyber, scams). Non-adherence risks enforcement under CBI's powers, reputational damage, and fines, especially as this "gold-plates" EU rules in a volatile environment.
Good morning everyone, I am delighted to be here for what looks set to be an interesting conference on a topic which is both very close to my heart and central to what we do at Central Bank of Ireland (“the Central Bank”) – as we work to deliver on our mission, and in particular ensuring the financial system is operating in the best interests of consumers and the wider economy. 1 I am particularly delighted to be back in UCD – where I had the pleasure to study economics as an undergraduate, w...
AI Analysis
This speech by Deputy Governor Mary Elizabeth McMunn outlines the Central Bank of Ireland's (CBI) shift toward **outcomes-focused regulation and supervision**, emphasizing five key priorities from the 2026 Regulatory and Supervisory Outlook (RSO) to address geopolitical risks, consumer protection, technology, and resilience in a volatile environment. It matters for compliance professionals as it signals intensified CBI scrutiny on firm behaviors and outcomes rather than mere rule compliance, with direct implications for supervisory engagements, thematic reviews, and enforcement across banking, funds, insurance, and payments sectors.
What Changed
No new legislative changes are introduced in the speech itself, which serves as a practitioner's perspective on implementing the RSO 2026 priorities.
Resilience to geopolitical/macro risks (operational resilience, cyber security, financial resilience).
Technology transformations (AI, digital money, tokenisation).
These build on prior developments like the revised Consumer Protection Code (CPC), DORA implementation, and enhanced AML/CFT frameworks,...
Suggested Considerations
Conduct gap analyses for revised CPC compliance, focusing on thresholds, customer experience, and fraud support (immediate if in-scope).
Strengthen financial crime controls: Improve fraud detection, victim support, scam awareness; update AML/CFT via enhanced questionnaires and transaction monitoring.
Review technology/AI governance: Assess AI models, digital innovations (e.g., tokenisation); engage CBI supervisors pre-implementation; ensure data quality/reliability.
Embed ESG/climate risks: Integrate into governance/business models; prepare for desktop/onsite reviews and greenwashing checks.
Key Dates
24 March 2026DEADLINE
- Revised Consumer Protection Code (CPC) takes effect (12-month lead-in complete; firms must be compliant)
H1–H2 2026
- DORA implementation including threat-led penetration testing (survey issued H1)
H1–H2 2026
- Enhanced AML/CFT Risk Evaluation Questionnaire
H1 2026–H2 2027
- Thematic inspection of transaction monitoring and STR reporting
H1–H2 2026
- UCITS Value at Risk (VaR) model review and depositary oversight
Compliance Impact
Urgency: High – The speech, delivered today (9 March 2026), underscores imminent RSO 2026 execution with CPC effective in 2 weeks (24 March 2026) and H1 2026 activities (e.g., DORA testing, AML questionnaires) starting soon. Non-compliance risks intensified supervision, thematic inspections, enforcement, and reputational damage in a high-geopolitical-risk environment; outcomes-focus demands proactive evidence of resilience and consumer safeguards over procedural box-ticking.
The Central Bank has today published its Regulatory & Supervisory Outlook 2026 , which sets out its latest assessment of the risk landscape facing the financial sector and the supervisory work it will undertake in response. This follows on from the Governor’s letter to the Tánaiste on the economic outlook and regulatory priorities in January . This is the third year of the report, which continues to be set against a backdrop of a changing, uncertain and increasingly complex external environme...
AI Analysis
The Central Bank of Ireland (CBI) has published its **Regulatory & Supervisory Outlook 2026**, outlining priorities shaped by geoeconomic fragmentation, technological acceleration, and elevated risks like operational resilience, cyber threats, data/AI, and consumer protection. This matters for compliance professionals as it signals intensified supervisory scrutiny, including desktop and onsite inspections, across Ireland's financial sector to ensure resilience and adaptability amid uncertainties.[https://www.centralbank.ie/news/article/press-release-central-bank-sets-out-its-regulatory-and-supervisory-priorities-26-february-2026][https://www.ogier.com/news-and-insights/insights/regulatory-outlook-2026-the-central-bank-of-ireland-s-priorities-explained/]
What Changed
No new binding regulatory requirements are introduced in this publication, which serves as a strategic outlook rather than enforceable rules. Key shifts in risk assessment include elevated operational risks (due to geopolitics, digitalisation, complex models), increased asset valuation/market risks, and rising data/models/AI risks, while inflation/interest rate risks have decreased.
Suggested Considerations
Implement revised CPC by 24 March 2026, assessing scope changes and business impacts.[https://www.ogier.com/news-and-insights/insights/regulatory-outlook-2026-the-central-bank-of-ireland-s-priorities-explained/]
Enhance financial crime controls, including fraud victim support, scam awareness, and market abuse detection; monitor AMLA developments.[https://www.ogier.com/news-and-insights/insights/regulatory-outlook-2026-the-central-bank-of-ireland-s-priorities-explained/]
Embed ESG/climate risks into governance, risk management, and business models, preparing for SFDR 2.0 and event response reviews.[https://www.ogier.com/news-and-insights/insights/regulatory-outlook-2026-the-central-bank-of-ireland-s-priorities-explained/]
Prepare for integrated supervision via gatekeeping enhancements and streamlined reporting.[https://maples.com/regulatory-round-up/central-bank-of-ireland-update-and-supervisory-approach-for-2026-fund-service-providers]
Key Dates
2026
2027; - Ongoing desktop/onsite reviews on operational resilience, ESG/climate, and supervisory priorities across sectors.[https://www.ogier.com/news-and-insights/insights/regulatory-outlook-2026-the-central-bank-of-ireland-s-priorities-explained/]
24 March 2026DEADLINE
- Revised Consumer Protection Code (CPC) takes effect, following 12-month lead-in; firms must ensure full implementation.[https://www.ogier.com/news-and-insights/insights/regulatory-outlook-2026-the-central-bank-of-ireland-s-priorities-explained/]
H1 2026
- CBI consultation on new Regulatory Impact Assessment (RIA) Framework.[https://maples.com/regulatory-round-up/central-bank-of-ireland-update-and-supervisory-approach-for-2026-fund-service-providers][https://www.centralbank.ie/docs/default-source/regulation/transforming-regulation-and-supervision/regulating-supervising-well-a-more-effective-and-efficient-framework.pdf]
Urgency: High – This outlook directly previews intensified 2026 supervision, with operational/cyber resilience and consumer protection as "key concerns" likely triggering unannounced inspections and enforcement. Firms risk findings on outdated resilience testing or CPC gaps, especially amid elevated risks; proactive alignment now prevents remediation costs and sanctions, given CBI's efficiency roadmap and international...
It is a pleasure to be here in Oxford 1 While I’m aware that this is a school of government and I’m a central banker, the two are inextricably linked. Societies and indeed economies are shaped by their institutions, specifically the legal, social, cultural, formal and informal norms that impact the way citizens interact with each other. Successful institutions are those that are trusted by the societies that created them and for which they ultimately serve. Today I am going to resist the oppo...
AI Analysis
Governor Gabriel Makhlouf's speech at the Blavatnik School of Government addresses central bank independence as a foundational institutional mechanism for delivering price stability and economic prosperity, rather than as a shield from accountability. The speech is not a regulatory enforcement action or new requirement, but rather a governance statement clarifying the Central Bank of Ireland's institutional philosophy on independence, credibility, and accountability—matters that directly affect how the CBI exercises supervisory discretion over regulated firms.
What Changed
This is not a regulatory change document but a governance clarification with compliance implications:
Reframing of independence: Central bank independence is characterized as an "anchor" enabling long-term decision-making rather than isolation from society.
Credibility framework: Credibility depends on competence, engagement, coherence, and public trust—not institutional distance alone.
Accountability emphasis: Independence requires continuous dialogue with society and other economic governance institutions; it "does not mean isolation."
Historical validation: The speech references the 1960s-1970s macroeconomic instability under political pressure versus post-pandemic effectiveness of credible central banks in controlling inflation.
Suggested Considerations
*Understand CBI decision-making philosophy: Recognize that CBI supervisory decisions are grounded in long-term economic stability objectives, not short-term political cycles.
*Align governance with credibility principles: The speech identifies four credibility pillars—competence, engagement, coherence, and public trust. Regulated firms should ensure their governance frameworks reflect these principles in their own operations.
*Monitor 2026 supervisory priorities: The speech references CBI's published 2026 Regulatory and Supervisory Priorities, which include maintaining resilience to geopolitical risks, securing consumer and investor interests, and delivering new responsibilities under Access to Cash legislation.
Key Dates
Second half 2026
- Ireland assumes EU Council Presidency; CBI will support government during this period
10 February 2026
- CBI published its 2026 Regulatory and Supervisory Priorities, which establish the operational framework within which this governance philosophy applies
18 February 2026
- This speech delivered, reinforcing institutional independence principles
I would like to welcome you all to the Central Bank of Ireland today 1 . We are delighted to host this gathering of EU Heads of Missions, representatives of our friends and partners from across the EU. A little over a year ago I had the pleasure to meet with you all. I spoke then of a geopolitical landscape facing significant strain and complexity; of the rise of economic nationalism and trade disputes; as well as the shift from cooperation to competition, and its impact on our ability to mee...
AI Analysis
This speech by Central Bank of Ireland (CBI) Governor Gabriel Makhlouf outlines priorities for building economic and financial resilience amid geopolitical risks, climate change, technological shifts, and geoeconomic fragmentation, emphasizing domestic policy focus areas like infrastructure, indigenous business growth, and fiscal buffers. It matters for compliance professionals as it previews CBI's forthcoming 2026 regulatory and supervisory priorities, signaling heightened scrutiny on operational and financial resilience, consumer protection, and alignment with a transforming regulatory framework. https://www.centralbank.ie/news/article/speech-governor-makhlouf-head-eu-missions-10-February-2026
What Changed
This is a forward-looking speech, not announcing immediate regulatory changes, but it references CBI's ongoing transformation agenda, including:
Four overarching supervisory priorities for 2026: (1) Maintaining/building resilience to geopolitical/macro-financial risks (operational and financial resilience); (2) Securing consumer/investor...
Upcoming publication of full 2026 Regulatory and Supervisory Priorities "in the next few weeks." https://www.centralbank.ie/news/article/speech-governor-makhlouf-head-eu-missions-10-February-2026
Broader roadmap initiatives: Integrated risk-based supervision; rulebook updates (e.g., AIF/UCITS, Fund Service Provider framework review post-AIFMD II, insurance compatibility with Solvency II,...
Suggested Considerations
Review and prepare for priorities: Monitor for 2026 priorities release (imminent); assess firm alignment with resilience themes (geopolitical/macro-financial risks, operational resilience, consumer protection).
Enhance resilience planning: Strengthen operational/financial resilience frameworks, including stress testing for geopolitical shocks, infrastructure dependencies, and climate risks; update outsourcing/governance per cross-sectoral guidance.
Engage on consultations: Participate in H1 2026 RIA Framework consultation and upcoming FSP review; review internal reporting/data processes for proportionality.
Sector-specific: Funds/asset managers—prepare for AIF/UCITS updates and FSP review; banks/insurers—align with CRD V/Solvency II compatibility reviews; all firms—ensure business models address narrow economic vulnerabilities.
Key Dates
2025
2026; - Ongoing implementation of banking/payments supervisory activities and multi-year roadmap (supervision, regulation, gatekeeping, reporting). https://www.matheson.com/insights/fig-top-5-at-5-06-03-2025/ https://www.centralbank.ie/news/article/press-release-central-bank-of-ireland-publishes-roadmap-to-deliver-a-more-effective-and-efficient-regulatory-framework-10-december-2025
Next few weeks from 11 February 2026
- Publication of CBI's full 2026 Regulatory and Supervisory Priorities. https://www.centralbank.ie/news/article/speech-governor-makhlouf-head-eu-missions-10-February-2026
H1 2026
- Consultation on new Regulatory Impact Assessment (RIA) Framework. https://maples.com/regulatory-round-up/central-bank-of-ireland-update-and-supervisory-approach-for-2026-fund-service-providers https://www.centralbank.ie/docs/default-source/regulation/transforming-regulation-and-supervision/regulating-supervising-well-a-more-effective-and-efficient-framework.pdf
Shortly (2026)
- Launch of comprehensive Fund Service Provider (FSP) Framework review. https://www.centralbank.ie/docs/default-source/regulation/transforming-regulation-and-supervision/regulating-supervising-well-a-more-effective-and-efficient-framework.pdf
Compliance Impact
Urgency: Medium—This speech signals strategic direction rather than enforceable rules, but imminent priorities publication and 2026 consultations demand proactive preparation to avoid intensified supervision/enforcement. It matters because CBI emphasizes resilience in a high-risk environment (geopolitics, AI, climate), with non-compliance risking closer scrutiny under new integrated approach; firms ignoring this could face heightened operational reviews amid efficiency drive without standards reduction. https://www.centralbank.ie/regulation/transforming-regulation-and-supervision
Introduction Good morning and thank you to Michael for inviting me to speak at the Compliance Institute’s Annual General Meeting. It is always a real pleasure to engage with compliance professionals. At the Central Bank, we recognise the essential role played by the compliance community in ensuring that financial firms are well-run and contributing to a financial system that is trusted and resilient. We also recognise the important role played by the compliance institute, equipping those work...
AI Analysis
This speech by Gerry Cross, Director of Capital Markets and Funds at the Central Bank of Ireland (CBI), outlines key supervisory priorities including securing customers' interests via the revised Consumer Protection Code, Individual Accountability Framework (IAF) implementation, regulatory simplification, resilience, technology leverage, and an evolving outcomes-focused supervision approach. It matters because it signals CBI's expectations for compliance professionals to drive these outcomes in firms, emphasizing proportionality and ongoing engagement amid regulatory evolution. Compliance teams must integrate these themes to align with CBI's shift toward less process-driven, more effective oversight.
What Changed
- Revised Consumer Protection Code: Introduces new Standards for Business, building on the Code reviewed with industry input; focuses on delivering good outcomes for consumers and the economy.
Individual Accountability Framework (IAF): Implemented 18 months prior (circa mid-2024); enhances clarity on responsibilities, supports governance, and aligns with outcomes-focused regulation rather...
Supervisory Approach Evolution: Shifting in 2025-2026 to risk-based, outcomes-focused, less process-driven supervision integrated across financial stability, consumer protection, safety/soundness,...
Regulatory Simplification: Openness to reviewing frameworks (e.g., fitness and probity) for simpler, outcomes-based alternatives without compromising effectiveness; supports broader simplification...
Resilience and Technology: Ongoing focus on financial resilience post-reforms, leveraging technology for supervision; no specific new rules but emphasis on embedding these in operations.
No new...
Suggested Considerations
Implement Revised Consumer Protection Code: Complete readiness by 24 March 2026; apply new Standards for Business in operations, leveraging CBI workshops for guidance.
Embed IAF: Maintain enhanced responsibility mapping, support decision-making, and engage with CBI on implementation feedback to mature governance.
Adopt Outcomes-Focused Practices: Shift from process-driven to outcomes-based compliance (e.g., customer interests, resilience); review internal frameworks for simplification opportunities.
Engage with CBI: Participate in ongoing consultations, workshops, and stakeholder feedback on supervision evolution, IAF, and Consumer Protection Code.
Leverage Technology: Integrate tech for resilience and compliance efficiency, aligning with CBI's supervisory priorities.
Key Dates
24 March 2026DEADLINE
- Revised Consumer Protection Code comes into force; firms must ensure full readiness and ongoing embedding of provisions, including new Standards for Business
Compliance Impact
Urgency: Medium. This speech reinforces imminent obligations like the 24 March 2026 Consumer Protection Code effective date (less than 2 months from speech/publication), requiring immediate readiness checks, but lacks new rules or critical enforcement threats. It matters for long-term alignment with CBI's outcomes-focused supervision, reducing future supervisory risks through proactive embedding of IAF and simplification; non-engagement could signal poor governance amid evolving oversight.
Mr Philip Smith, former Chief Executive Officer (CEO) and Executive Director of RSA Insurance Ireland DAC disqualified for 13 years by the Central Bank of Ireland for his admitted participation in a breach of financial services law by RSAII On 1 December 2025 the Central Bank of Ireland reprimanded Mr Smith and disqualified him for 13 years from being a person concerned in the management of a regulated financial service provider for his participation in a breach by RSA Insurance Ireland DAC (...
AI Analysis
The Central Bank of Ireland (CBI) reprimanded and disqualified former RSA Insurance Ireland DAC (RSAII) CEO Philip Smith for 13 years from management roles in regulated financial service providers due to his admitted role in under-reserving large loss claims, breaching Article 13(1)(a) of the European Communities (Non-Life Insurance) Framework Regulations 1994 (S.I. No. 359/1994). This enforcement action underscores CBI's commitment to individual accountability for senior executives who circumvent controls, risking policyholder protection and firm solvency, as evidenced by RSAII's subsequent need for a major capital injection. It matters for compliance professionals as it demonstrates CBI's use of prolonged disqualifications and inquiries under the Administrative Sanctions Procedure (ASP) to deter governance failures in insurance firms.
What Changed
This is not a regulatory change or new requirement but an enforcement precedent reinforcing existing obligations under the 1994 Regulations for insurers to maintain adequate technical reserves reflecting true liabilities. It highlights CBI's focus on senior executive accountability for deliberate policy circumvention, such as undocumented processes overriding claims handlers' estimates, which inflated reported profits and understated liabilities.
Suggested Considerations
Conduct internal audits of large loss claim reserving processes to verify compliance with Article 13(1)(a) of the 1994 Regulations, ensuring estimates are accurately recorded in databases without undocumented overrides.
Review senior management oversight of claims handling; document all approvals and prohibit informal (e.g., in-person or hard-copy only) processes that bypass controls.
Enhance governance training for executives on personal liability under ASP, including simulations of reserving decisions and policyholder risk scenarios.
Assess historical exposures for under-reserving; remediate if needed, and prepare for potential CBI inquiries (noting 10+ year investigation timelines).
Update conduct and culture frameworks to align with CBI expectations for CEOs to drive compliance, as per Deputy Governor Colm Kincaid's comments.
Key Dates
2014
- CBI enforcement investigation into Mr Smith and RSAII commences
December 2018
- CBI reprimands and fines RSAII €3.5m for related breaches, including reserve failures
November 2022
- CBI decides to hold an Inquiry into Mr Smith's participation under Part IIIC of the Central Bank Act 1942
1 December 2025
- Reprimand and 13-year disqualification imposed on Mr Smith, effective immediately under IAF Act transitional provisions (no High Court confirmation needed)
12 December 2025
- CBI publishes public statement on the enforcement action
Compliance Impact
Urgency: High – This action signals intensified CBI scrutiny on individual accountability in insurance reserving, with 13-year bans possible for deliberate breaches risking policyholders, even without actual losses. It matters now (post-1 Dec 2025 effective date) as firms face elevated enforcement risk amid CBI's "full extent of powers" approach, potentially leading to parallel firm/individual sanctions and long inquiries; proactive reviews prevent similar outcomes, especially with statutory fine limits not mitigating non-financial penalties.
New report outlines the Central Bank’s approach to more effective and efficient regulatory and supervisory framework, reducing complexity and improving clarity while maintaining resilience and important protections in the system. This work builds on the Central Bank’s strategy to transform regulation and supervision, including the introduction of our new integrated supervisory approach and the improvements made in our gatekeeping processes in recent years. The roadmap sets out a comprehensive...
AI Analysis
The Central Bank of Ireland published a comprehensive multi-year roadmap on December 10, 2025, aimed at streamlining its regulatory and supervisory framework across four pillars: supervision, regulation, gatekeeping, and reporting. This initiative represents a strategic shift toward more effective and efficient oversight while explicitly maintaining resilience standards and consumer protections, responding to EU calls for regulatory reform to enhance competitiveness.
What Changed
The roadmap encompasses four major reform areas:
Supervision: Implementation of a new integrated, risk-based supervisory approach introduced in January 2025, consolidating multidisciplinary teams...
Insurance: Major compatibility review to eliminate duplication with Solvency II reforms and review of 2021 Recovery Planning Regulations
Banking: Review of domestic banking rules predating CRD V/CRR to ensure consistency with updated EU standards
Credit Unions: Updates to the Credit Union Handbook following simplification of the Lending Framework
Funds: Changes to AIF rulebook and UCITS regulation with full review of the Fund Service Provider Framework
Suggested Considerations
*Immediate actions for compliance professionals:
*Monitor consultation releases: Track the Central Bank's website for the 2026 RIA Framework consultation and respond with firm-specific impact assessments
*Assess rulebook changes: Review how proposed updates to insurance regulations, banking rules, credit union handbook, and fund regulations affect your firm's compliance framework
*Evaluate supervisory engagement: Understand how the new integrated supervisory model affects your firm's supervisory relationship and reporting lines
*Prepare for gatekeeping changes: Anticipate enhanced consistency and transparency requirements in authorisation and Fitness & Probity processes
Key Dates
January 2025
- New integrated supervisory model became effective
2025
- Strategic review of Industry Funding Levy approach (consultation expected during 2025)
2026
- Public consultation on new Regulatory Impact Assessment Framework
2026 to first half of 2028
- Multi-year programme implementation period for all roadmap initiatives
The Central Bank of Ireland has fined Coinbase Europe Limited €21,464,734 for breaching its anti-money laundering and counter terrorist financing transaction monitoring obligations between 2021 and 2025. The Central Bank of Ireland (the Central Bank) has fined Coinbase Europe Limited (Coinbase Europe) €21,464,734 for breaching its anti-money laundering (AML) and combatting terrorist financing (CFT) obligations with respect to transaction monitoring as required by the Criminal Justice (Money L...
AI Analysis
The Central Bank of Ireland (CBI) fined Coinbase Europe Limited €21,464,734 for AML/CFT transaction monitoring failures under the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (CJA 2010), involving over 30 million unmonitored transactions worth €176 billion from April 2021 to March 2025. This marks CBI's first enforcement against a crypto firm, highlighting regulators' focus on robust real-time monitoring and timely Suspicious Transaction Reporting (STR) for virtual asset service providers (VASPs). It matters as it sets a precedent for EU crypto compliance amid MiCA and AMLA implementation, signaling increased scrutiny and potential multimillion-euro penalties for similar lapses.
What Changed
This is an enforcement action, not new legislation, but it reinforces existing CJA 2010 requirements for VASPs: ongoing transaction monitoring, immediate STR filing to the Financial Intelligence Unit (FIU) and Revenue Commissioners upon suspicion of money laundering or terrorist financing, and adoption of internal policies/controls to prevent/detect financial crime.
Suggested Considerations
Conduct Gap Analysis: Review transaction monitoring systems for configuration errors, back-testing historical data, and ensuring 100% coverage of high-risk transactions.
Enhance Controls: Implement robust internal policies, automated alerts, and governance to detect/prevent ML/TF; test systems regularly for faults affecting >1% of volume.
Accelerate STR Processes: Ensure real-time suspicion flagging and filing; remediate delays via prioritized back-monitoring with FIU coordination.
Board/Compliance Reporting: Document remediation plans, as Coinbase did, and prepare for audits/enforcement; train staff on VASP-specific risks under MiCA/AMLA.
19 March 2025; Period of breaches, including 12-month window of unmonitored €176 billion transactions
5 November 2025
Settlement reached between CBI and Coinbase Europe
6 November 2025
CBI public announcement and Settlement Notice published
12 January 2026
High Court confirmed sanctions, making them final and effective
Compliance Impact
Urgency: High – This establishes a €21.5m benchmark for VASP monitoring failures in the EU, with risks amplified by MiCA (effective 2024) and AMLA (2025 onward), where national regulators like CBI will enforce harmonized rules. Firms risk similar fines (30% settlement discount possible), reputational damage, and operational restrictions if unmonitored volumes exceed 1-5%; immediate reviews are essential given CBI's precedent and cross-EU applicability.
Warning Unauthorised Investment Firm / Unauthorised Investment Business Firm Unauthorised Firm Name Monument Financial Group Website https://monumentfg.com/ Email addresses used admin@monumentfg.com [name].[surname]@monumentfg.com Phone number used +353 81 800 5284 Authorisation in Ireland This firm is not authorised to provide investment services in Ireland. Notes: Any person wishing to contact the Central Bank with information regarding such firms / persons may telephone (01) 224 5800 or re...
AI Analysis
The Central Bank of Ireland (CBI) has issued a warning notice under section 53 of the Central Bank (Supervision and Enforcement) Act 2013, identifying **Monument Financial Group** as an unauthorised firm providing investment services in Ireland without authorisation. This matters for compliance professionals because it underscores the CBI's proactive enforcement against unauthorised activity, heightens scam awareness, and signals risks of consumer harm, regulatory referrals to An Garda Síochána, and potential enforcement against facilitating parties.[https://www.centralbank.ie/news/article/monument-financial-group---central-bank-of-ireland-issues-warning-on-unauthorised-firm]
What Changed
This is not a regulatory change or new requirement but an enforcement action via a warning notice published on 25 August 2025. It publicly names the firm, its website (https://monumentfg.com/), emails (admin@monumentfg.com, [name].[surname]@monumentfg.com), and phone (+353 81 800 5284), confirming it lacks authorisation for investment services in Ireland.
Suggested Considerations
Immediate verification: Use CBI's authorisation registers and unauthorised firms search tool before any engagement with firms claiming investment services.[https://www.centralbank.ie/regulation/how-we-regulate/authorisation/unauthorised-firms/search-unauthorised-firms]
Client communications: Advise clients to apply the "SAFE test" (check authorisation, avoid unsolicited offers, etc.) and visit www.centralbank.ie/financialscams for scam protection guidance.
If engaged: Cease all activity, secure funds, and report to CBI/Gardaí; no compensation protections apply.
Key Dates
25 August 2025
- Warning notice published by CBI, adding Monument Financial Group to the unauthorised firms list.[https://www.centralbank.ie/news/article/monument-financial-group---central-bank-of-ireland-issues-warning-on-unauthorised-firm]
Compliance Impact
Urgency: Medium. This matters as part of a pattern of CBI warnings (e.g., Expert Limited on 19 June 2025, RCE Banque on 29 August 2025, DotBig on 01 December 2025), indicating rising unauthorised investment activity and scam risks in Ireland. Authorised firms face indirect liability for poor due diligence, reputational damage, or facilitation charges; consumers risk total fund loss without regulatory protections.
I’d like to thank Insurance Ireland and Milliman for inviting me here today for this Chief Risk Officer (CRO) Forum. I’d like to use this opportunity to briefly reflect on the recent turmoil we’ve seen in the banking sector, what this might mean for (re)insurers, and to highlight some of our supervisory priorities going forward. Much commentary has already been devoted to the fallout from SVB and Signature Bank in the US, and to the acquisition of Credit Suisse by UBS. Whilst the exposure of ...
Introduction Good morning everyone. Thank you for inviting me to speak here today. Before I begin, I’d like to acknowledge the important role played by Financial Services Ireland in advocating for its members, and in promoting the Irish financial services sector, both here and abroad. Whilst the respective missions we undertake are undoubtedly different, we have a shared interest in a strong and stable financial services sector. It is claimed that the phrase “may you live in interesting times...
It has come to the attention of the Central Bank that a scam entity by the name SEI Investment (United States, Ireland), formerly operating the fraudulent clone website www.seiinvestment.com, has been claiming to be an investment firm / investment business firm in the absence of appropriate authorisations. In this instance, the scam entity cloned details and website content of the legitimate firm, SEI Investments (www.seic.com), in order to deceive consumers. The legitimate firm was proactive...
AI Analysis
The Central Bank of Ireland (CBI) issued a warning on 26 September 2022 about a fraudulent entity named "SEI Investment (United States, Ireland)" that cloned the legitimate authorised firm SEI Investments (www.seic.com) via the fake website www.seiinvestment.com to deceive consumers into unauthorised investment services. This matters because it highlights the rising threat of clone firm scams, which impersonate authorised entities using stolen details like names, addresses, and authorisation numbers, exposing firms to reputational risk and consumers to financial loss without Investor Compensation Scheme protection. Authorised firms must remain vigilant in monitoring for clones and reporting them promptly, as demonstrated by SEI Investments' proactive response that led to the site's deactivation in February 2022.
What Changed
This is not a regulatory change or new requirement but a public enforcement warning under Section 53 of the Central Bank (Supervision and Enforcement) Act 2013, emphasising ongoing enforcement against unauthorised firms providing regulated financial services, which is a criminal offence. It reinforces consumer protection guidance without introducing new rules, but signals CBI's heightened focus on clone firm frauds, as seen in similar warnings (e.g., The Capital Holdings clone, Bank of Ireland clones).
Suggested Considerations
Monitor for clones: Regularly search for impersonations of your firm's name, website, authorisation numbers, LEI, CRO, or address; report suspicions to CBI at (01) 224 4000.
Client communications: Advise clients to always access CBI Register directly from www.centralbank.ie (not via email/website links), double-check URLs/phone numbers, verify products on legitimate sites, and apply the SAFE test for unsolicited contacts.
Internal processes: Update fraud awareness training, client onboarding checks, and surveillance for clone activity; emulate SEI Investments by proactively notifying authorities.
Public reporting: Encourage staff/clients to report unauthorised activity via CBI hotline or Search Unauthorised Firms page.
Key Dates
February 2022
- Fraudulent clone website www.seiinvestment.com deactivated following legitimate firm's report
26 September 2022
- CBI issues warning notice on SEI Investment clone
Compliance Impact
Urgency: Medium – Not critical as the specific clone site was deactivated in 2022, but medium due to persistent clone fraud trend evidenced by ongoing CBI warnings into 2026 (e.g., BW Financial Services clone in August 2025, Stalwart Investments clone in March 2026). Matters for authorised firms as it underscores reputational, operational resilience, and consumer protection obligations under CBI's supervisory framework; unaddressed clones can lead to client complaints, enforcement scrutiny, or compensation claims if mis-sold products are linked back erroneously.
Ban on price walking in motor and home insurance comes into effect on 1 July 2022. New customer discounts not affected. For automatic renewals, better information and reminders to be provided to encourage switching. The Central Bank of Ireland has today published the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Insurance Requirements) Regulations 2022 which will apply to insurance undertakings and insurance intermediaries from 1 July 2022. The Central Bank identified d...
AI Analysis
The Central Bank of Ireland (CBI) published the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Insurance Requirements) Regulations 2022 on 15 March 2022, banning price walking in motor and home insurance from 1 July 2022 to eliminate loyalty penalties for renewing customers while preserving new customer discounts and competition. This matters for compliance professionals as it imposes immediate prohibitions on differential pricing, mandatory annual reviews, enhanced renewal disclosures, and record-keeping, with CBI emphasizing ongoing oversight to ensure fair consumer outcomes.
What Changed
- Ban on Price Walking: Insurance undertakings and intermediaries cannot charge renewing customers (defined as "relevant renewing customers") a premium higher than that charged to an equivalent...
Annual Pricing Reviews: Firms must conduct an annual review of motor and home insurance pricing policies and processes within two months of each year-end to ensure compliance, including controls to...
Automatic Renewal Disclosures: Firms must provide specific information to consumers before automatic renewals, including renewal price, right to cancel, and options to switch providers, to promote...
Record-Keeping: Written records must be retained for annual reviews, material pricing decisions, and compliance assessments.
Scope Exclusions: Applies prospectively from 1 July 2022; no retrospective application or transitional period.
Suggested Considerations
Pricing Adjustments: Update systems/models to ensure renewal prices ≤ EQFRP; identify close-matched products for comparisons.
Conduct Reviews: Perform comprehensive annual review of pricing policies/processes, documenting compliance, controls, and rectifications; avoid "tick-box" approaches.
Enhance Communications: Revise renewal notices/documents to include mandated info (e.g., price, cancellation rights, switching options); handle pre-1 July notices pragmatically but comply in spirit.
Record Maintenance: Retain written records of reviews, pricing decisions, and compliance evidence for audit readiness.
Internal Governance: Assess/align with CPC General Principle 2.1; monitor for material changes requiring documented consistency checks.
Compliance Impact
Urgency: Medium (as of 2026). The regulations have been effective since 1 July 2022 with no transitional period, requiring immediate system/process overhauls at implementation; non-compliance risks enforcement under Section 48 of the 2013 Act. Ongoing annual reviews and CBI's commitment to monitoring pricing practices sustain medium-term priority, especially amid CBI's consumer protection focus, but established firms likely adapted by now—late compliance or audit gaps remain risks.
Recent increase in cross-border financial assets is largely due to migration of assets from UK banks to subsidiaries in Ireland, to continue to serve EU clients after Brexit. Paper examining the strength of the connectedness of Irish insurance sector and investment funds finds insurers primarily hold shares in equity, bond, and mixed funds. The Irish non-bank financial intermediation sector – as measured using a Financial Stability Board framework - is the fifth largest in the world. The Cent...
AI Analysis
The Central Bank of Ireland (CBI) published three "Behind the Data" papers on 20 January 2022 analyzing the international activities of Ireland's banking, insurance, investment funds, and non-bank financial intermediation (NBFI) sectors, highlighting post-Brexit asset migrations, insurer exposures via funds, and Ireland's fifth-largest global NBFI sector per FSB metrics. This matters for compliance professionals as it signals heightened CBI scrutiny on cross-border exposures, interconnectedness, and data granularity needs, potentially informing future supervisory expectations, macro-prudential policies, and reporting enhancements without imposing immediate rules.
What Changed
No direct regulatory changes, requirements, or new rules are introduced; these are analytical papers using existing locational banking, insurance, and fund data. Key insights include: (i) €180bn surge in cross-border bank assets (2018-Q3 2021) driven by UK-to-Ireland subsidiary migrations post-Brexit, concentrated in loans/deposits, derivatives, and three foreign-parent banks; (ii) Irish insurers' fund holdings primarily in equity (US-issued), bond (euro-area government/corporate), and mixed funds, with ~50% domiciled in Luxembourg but minimal local issuance; (iii) Recommendation for refined...
Suggested Considerations
Review and enhance internal reporting on cross-border assets, distinguishing Irish-parent vs. foreign-parent activities, in anticipation of potential narrower CBI statistics.
Map insurer fund exposures to underlying assets (e.g., equities, bonds) for geographic and asset-class transparency, addressing CBI-noted complexities in fund structures.
Assess NBFI activities against FSB economic functions for stability risks; prepare for possible granular data requests.
Monitor CBI's "Behind the Data" series for evolving trends, as it uses firm-submitted data and fulfills IMF recommendations (e.g., FSAP 2022 on fund exposures).
Key Dates
20 January 2022
Publication date of the three Behind the Data papers
Compliance Impact
Urgency: Low – This is informational analysis from 2022 with no binding rules, deadlines, or enforcement; it matters indirectly by flagging data gaps (e.g., parent distinction) that could shape future CBI supervision, macro-prudential tools, or reporting burdens, especially amid ongoing Brexit/NBFI focus. Firms with foreign parents or fund-heavy portfolios should note for risk monitoring, but no immediate compliance overhaul needed.
Remarks by Director General, Financial Conduct Derville Rowland at the Deloitte Global Insurance Webinar Good morning everybody and thank you to Deloitte for the invitation to speak at this webinar. Some people think of insurance as a relatively modern financial concept. But of course, as the insurance experts in this audience know, its origins can be traced all the way back to certain kinds of shipping loans in Babylon, through Ancient Rome and Greece, and into Medieval Europe. In the 17 th ...
Review finds that differential pricing practices can result in unfair outcomes for some consumers Proposal to ban the practice of ‘price walking’ to end the loyalty penalty for consumers who do not switch insurance provider regularly Proposals will ensure that new business discounts are still available to allow consumers to seek the best prices, while ensuring that those who remain with the same insurance provider are not penalized The Central Bank is proposing to ban the practice of price wa...
AI Analysis
The Central Bank of Ireland (CBI) proposes banning "price walking" in private car and home insurance to eliminate the loyalty penalty, where long-term customers pay significantly higher premiums (14% more for car, 32% more for home after 9 years) than new customers with similar risk profiles. This stems from a 2021 review finding differential pricing unfair to loyal or less mobile consumers, with regulations finalized and effective from 1 July 2022, confirmed effective in subsequent reviews. It matters as it enforces fair treatment under CBI's consumer protection mandate, requiring insurers to overhaul pricing models while preserving new customer discounts to maintain competition.
What Changed
- Ban on price walking: Insurers cannot charge second or subsequent renewal customers a higher premium than an equivalent year-one renewal customer with similar risk and service cost.
Disclosure of new business discounts: Firms must clearly disclose to new customers that lower prices include a new business discount.
Annual pricing policy reviews: Providers must review pricing policies yearly to ensure focus on customer impact, adherence to rules, and fair treatment.
Automatic renewals requirements: Introduce consumer consent for automatic renewals and enhanced information/reminders to support informed decisions and switching.
These were implemented via the...
Suggested Considerations
Pricing model adjustments: Revise systems to ensure renewal premiums ≤ year-one premiums for equivalent risks; test against historical data (e.g., 11 million policy records analyzed).
Disclosure updates: Amend new customer communications to explicitly state "new business discount" inclusion.
Governance and reviews: Implement annual pricing policy reviews with documented evidence of customer impact assessment and fair treatment compliance; integrate into board/CPC oversight.
Renewal processes: Obtain explicit consumer consent for auto-renewals; provide reminders and clear switching info pre-renewal.
Monitoring and reporting: Conduct internal audits; respond to CBI engagements; retain records for supervision.
Key Dates
22 October 2021
- Consultation period closes for proposals in the final report
Early 2022
- CBI intends to finalize measures post-consultation
15 March 2022
- Publication of final Insurance Requirements Regulations 2022
1 July 2022
- Regulations apply to insurance undertakings and intermediaries; ban on price walking effective
2023/2024
- CBI review confirms regulations working, no loyalty penalty observed, no further measures needed at that time
Compliance Impact
Urgency: low (as of 2026). Rules have been effective since July 2022, with CBI's 2023/2024 review confirming no loyalty penalties, no unintended consequences, and market stability—Ireland was first EU state with such a ban. Firms compliant since 2022 face ongoing low-risk monitoring; non-compliance risks enforcement under Section 48(1), but positive outcomes reduce immediate pressure. Matters for legacy audits or CPC reviews.
Introduction Good morning, and thank you for attending our Insurance Industry Event, the second of these which we’ve held virtually. Hopefully, as the vaccine rollout continues and restrictions are eased, there won’t have to be a third! The COVID 19 crisis has brought about a significant amount of change to all of our personal and professional lives, and with it has provided the opportunity to reflect on what is important, and where our priorities should lie. With this in mind, I would like t...
Speech delivered at Institute of Directors’ Briefing Webinar on 10 June 2021 Good morning everyone, I am delighted to speak to you on the importance of effective culture in firms, the contribution fitness and probity can make, and how we see the forthcoming Individual Accountability Framework further reinforcing effective culture. I’ll come to each of those topics in turn. But first let me say that the Central Bank and the Institute of Directors have overlapping visions. The Central Bank serv...
AI Analysis
This 2021 speech by Derville Rowland, Director General of Financial Conduct at the Central Bank of Ireland (CBI), emphasizes the critical role of the Fitness & Probity (F&P) regime and the forthcoming Individual Accountability Framework (IAF) in fostering effective culture, governance, and individual responsibility in regulated firms. It matters because it signals CBI's supervisory priorities on senior role holders' competence, integrity, and accountability, which have since evolved into concrete regulatory updates, directly impacting board and compliance functions to mitigate conduct risks and ensure consumer protection. https://www.centralbank.ie/news/article/speech-importance-of-fitness-probity-and-ensuring-responsibility-derville-rowland-10-june-2021
What Changed
The speech itself outlines no new statutory changes but highlights the F&P regime's role in ensuring "fit and proper" individuals in key roles and previews the IAF as a complementary framework to...
Consolidation of F&P Standards into the Fitness and Probity Standards 2025, applicable across all sectors, read alongside revised Guidance on the Fitness and Probity Standards (effective 20 November...
Amendments to Pre-Approval Controlled Functions (PCFs), adding roles like Designated Person for Investment Management (PCF-39D), Distribution (PCF-39E), and Regulatory Compliance (PCF-39F),...
Clarifications on due diligence (best-efforts basis for references, criminal checks, financial soundness via public records only—no bank statements required), time commitments (case-by-case), and...
Proportionality for fitness assessments but not probity; ongoing certification obligations for Controlled Functions (CFs) and PCFs.
These build on the speech's vision, addressing Enria Report...
Suggested Considerations
Conduct thorough F&P due diligence on PCF/CF holders pre-appointment and ongoing (best-efforts for references, criminal/financial checks via public records; assess time commitments case-by-case).
Certify annually that PCF/CF individuals meet standards; no dual certification needed if PCF covers CF-1/2.
Review and update succession planning, handover policies, and conduct breach procedures in light of new PCFs and IAF/SEAR (Statements of Effectiveness and Accountability of Responsibilities).
Assess residency and capacity for non-resident PCF holders case-by-case, considering firm complexity.
Embed F&P into culture and governance frameworks, aligning with IAF Conduct Standards once enacted.[Speech]
Key Dates
22 September 2021
- CBI notice of intention to amend PCFs under F&P regime (e.g., new Designated Persons roles)
20 November 2025
- Effective date for revised Guidance on Fitness and Probity Standards
24 November 2025
- CBI publishes Feedback Statement on CP160, Fitness and Probity Standards 2025, and revised Guidance
Post
amendment (TBD, after regulations effective); - 6-week window for in-situ PCF assessments and confirmations to CBI
Compliance Impact
Urgency: High – While the 2021 speech is foundational, 2025 Standards and Guidance are now effective, mandating immediate due diligence enhancements and certifications amid IAF rollout. Non-compliance risks CBI investigations, prohibitions, or sanctions, especially with expanded PCFs tying into broader accountability (e.g., SEAR). This elevates board exposure, demanding proactive governance reviews to align culture with consumer protection mandates.
Opening remarks at the 2020 Insurance Industry Briefing Good morning everyone. I would like to thank you for attending today’s industry briefing. In my remarks this morning, I will take this opportunity to touch on: the role that insurance can play in society; some of the reasons why the industry in Ireland is negatively perceived; and the areas of supervisory focus for the Central Bank moving forward. 2020 has been an unprecedented year in so many respects and the emergence of COVID-19 has a...
Good afternoon Chairman, Committee members, I am joined by Ed Sibley, Deputy Governor, Prudential Regulation and Derville Rowland, Director General, Financial Conduct. We welcome the opportunity to appear before you today. The effects of the COVID-19 pandemic have been deep and distressing for our community. The actions taken to contain the health emergency have affected the economy and all of our lives. The Central Bank’s job is to ensure the financial system operates in the best interests o...
I am joined today by Gráinne McEvoy, Director of Consumer Protection, and Domhnall Cullinan, Director of Insurance Supervision. Thank you for this opportunity to speak to you today about the Central Bank’s work in regulating and supervising the Irish insurance industry and specifically the practices of differential pricing and dual pricing. Insurance serves a critical role in the functioning of a modern society, through reducing uncertainty by protecting people and businesses against the risk...
The Central Bank of Ireland imposes a fine of €3,500,000 on RSA Insurance Ireland DAC for regulatory breaches relating to large loss claims and accounting irregularities On the 18 December 2018, the Central Bank of Ireland (the “ Central Bank ”) reprimanded and fined RSA Insurance Ireland DAC (“ RSAII ” or the “ Firm ”) €3,500,000 in respect of serious breaches relating to the following: Failure to establish and maintain Technical Reserves in respect of all underwriting liabilities assumed by...
AI Analysis
The Central Bank of Ireland (CBI) fined RSA Insurance Ireland DAC (RSAII) €3.5 million in December 2018 for serious breaches involving failure to maintain adequate technical reserves, inadequate internal controls and accounting procedures, and weak governance, stemming from deliberate under-reserving of large loss claims from 2009 to 2013, which understated reserves by €78.2 million as of 30 September 2013. This enforcement action underscores the CBI's zero-tolerance stance on reserving practices that risk policyholder protection and financial stability, highlighting how governance failures enabled manipulation and led to a significant capital injection for RSAII. It matters for compliance professionals as it demonstrates ongoing CBI scrutiny, with related actions against individuals like former CEO Philip Smith (13-year disqualification in 2025) and a former actuary (5-year prohibition).
What Changed
This is an enforcement action, not a new regulation, but it reinforces core pre-Solvency II requirements under the European Communities (Non-Life Insurance) Framework Regulations 1994, specifically Article 13(1)(a), mandating firms to establish and maintain technical reserves for all underwriting liabilities. It highlights breaches of the Corporate Governance Code for Credit Institutions and Insurance Undertakings 2010 (Section 6.3), requiring robust governance, internal reporting, and reliable information flows to decision-makers.
Suggested Considerations
Conduct reserving process reviews: Ensure claims handlers' recommended estimates are recorded without delay or manipulation; implement independent validation for large loss claims.
Strengthen internal controls: Develop sound administrative/accounting procedures and mechanisms to detect irregularities (e.g., unearned premium adjustments, claims expenses).
Enhance governance: Robustify internal reporting structures per Corporate Governance Code 2010 (Section 6.3); promote ethical culture to prevent individual overrides.
Senior accountability: Boards and executives must oversee compliance; remediate via capital injections if needed, as RSAII did.
Supervisory engagement: Cooperate fully with CBI probes; apply lessons to Solvency II reserving under Article 101 (post-2016).
Key Dates
2009
October 2013; Period of under-reserving breaches and manipulation of large loss claims
30 September 2013
Date of €78.2 million technical reserves understatement
October 2013
CBI identifies issues during scheduled supervisory engagement
2014
CBI investigation into RSAII and individuals (e.g., Philip Smith) begins
December 2018
RSAII admits four breaches; enforcement against firm concludes
Compliance Impact
Urgency: Medium – This 2018 action is historical but remains highly relevant due to 2025 individual enforcements, signaling CBI's long-term pursuit of accountability in insurance reserving and governance. It matters because under-reserving risks policyholder losses, financial instability, and capital adequacy (e.g., RSAII's injection), with CBI emphasizing deterrence via maximum fines and disqualifications; firms must self-assess controls to avoid similar scrutiny under Solvency II.
Settlement Agreement between the Central Bank of Ireland and Merrion Stockbrokers Limited Merrion Stockbrokers Limited fined €200,000 by the Central Bank of Ireland in respect of failings pursuant to the Fitness and Probity regime. On 12 December 2017, the Central Bank of Ireland (the ‘Central Bank’) fined Merrion Stockbrokers Limited (‘Merrion’) €200,000 and reprimanded it for a breach of section 21 of the Central Bank Reform Act 2010 (the ‘2010 Act’). Merrion has admitted this breach, which...
AI Analysis
The Central Bank of Ireland (CBI) fined Merrion Stockbrokers Limited €200,000 on 12 December 2017 for breaching section 21 of the Central Bank Reform Act 2010 by failing to implement adequate systems and controls under the Fitness and Probity (F&P) regime from 1 December 2011 to at least April 2015. This first-ever enforcement action against a firm for section 21 violations underscores firms' primary responsibility for ongoing due diligence on Controlled Functions (CFs) and Pre-Approval Controlled Functions (PCFs), signaling heightened CBI scrutiny on governance and accountability post-financial crisis.
What Changed
This 2017 enforcement does not introduce new regulatory changes but enforces existing requirements under the F&P regime, established via the Central Bank Reform Act 2010 and effective from 1 December...
Firms must maintain adequate systems and procedures for initial and ongoing due diligence to ensure CFs/PCFs meet F&P Standards (fitness: competence, integrity; probity: honesty).
Ongoing monitoring beyond initial checks, with written records and centralized documentation for each individual.
Accurate classification of roles as CFs/PCFs; failure here constituted a breach.
No subsequent statutory changes are noted in the publication, but it reinforces that firms bear ultimate...
Suggested Considerations
Develop/improve written policies and procedures for initial and ongoing due diligence on CFs/PCFs, including centralized records per individual.
Conduct thorough due diligence at appointment and continuously monitor compliance with F&P Standards; maintain demonstrable records.
Ensure accurate CF/PCF classification for all relevant roles (e.g., executive directors, finance heads, client advisors).
Implement monitoring systems to detect changes in fitness/probity and report to CBI if Standards are breached.
Board-level oversight: Review and remediate gaps, as post-2016 Merrion Board did.
Key Dates
1 December 2011
- Fitness and Probity regime effective; Merrion's breach period begins
Late 2014DEADLINE
- Management buy-out and new Board appointed; initial compliance improvements start
24 April 2015
- Merrion implements first written F&P policies and procedures
2016
- CBI inspection identifies breaches
12 December 2017
- CBI imposes €200,000 fine and reprimand via settlement agreement; investigation closed
Compliance Impact
Urgency: Medium - While from 2017, this foundational enforcement remains highly relevant for ongoing F&P obligations, with risks of fines/reprimands during CBI inspections (as in Merrion's 2016 review). It matters because firms hold primary accountability for a regime designed post-crisis to prevent unfit individuals in key roles; non-compliance exposes entities to significant reputational, financial (€200k precedent), and operational risks, especially amid evolving governance scrutiny.
Five Crises Ábhar mór bróid dom an léacht seo a thabhairt in onóir an Dochtúra T.K. Whitaker. Agus mar bharr ar sin, é bheith i láthair anocht. It is a great honour to be asked to deliver this lecture in honour of Dr. Ken Whitaker, all the more so in his presence. Go maire sé an céad! Or even better, as the Yiddish saying goes, ‘biz hundert un tsvantsik’. Economic crises often prompt us to look backwards and, perhaps, to seek solace in parallels and precedents in the past. Just as rising unem...
AI Analysis
This 2011 Whitaker Lecture by Professor Cormac O'Grada, hosted by the Central Bank of Ireland (CBI), is an academic speech analyzing five historical economic crises in Ireland, including the Economic War, WWII Emergency, 1950s downturn, and others, to contextualize the post-2008 financial crisis. It lacks any regulatory changes, enforcement actions, or compliance mandates, serving instead as reflective economic history rather than a binding publication. Compliance professionals need not action it directly, but it offers historical perspective on crisis resilience relevant to risk management and governance discussions.
What Changed
There are no regulatory changes, new requirements, or enforcement directives in this publication. The content is purely historical and analytical, discussing past Irish economic crises (e.g., net emigration peaks during 1934-38 Economic War and 1943 WWII Emergency) without proposing or announcing policy shifts.[User Provided Content]
Compliance Impact
Urgency: Low – This is a non-regulatory academic lecture with no immediate or ongoing compliance implications. It matters peripherally for firms emphasizing long-term economic history in prudential risk frameworks or governance training, but misclassification as "enforcement" (per query) overstates its relevance in 2026.