Application Process for Retail Intermediaries

In advance of submitting an application for authorisation, the firm should also satisfy itself that:

• Its proposed business model requires authorisation pursuant to the IDR, IIA, CMCAR and/or CCA, as appropriate;
• It can comply with the authorisation requirements for retail intermediaries;
• It meets the Fitness and Probity Standards, including the Minimum Competency Code (where applicable). It is expected that all applicant firms will propose at least one holder of a Pre-Approval Controlled Function role (PCF) who will demonstrate that they meet minimum competency requirements for the proposed activities of the firm.
• It is capable of complying with, and adhering to, the authorisation requirements and on-going supervisory requirements that must be satisfied on an on-going basis;
• It has determined the appropriate application form to complete, i.e. whether it is appropriate for the firm to complete:
• the “Application Form for Authorisation as a Retail Intermediary – A FORM” (A FORM); or
• the “Application Form for Authorisation as a Retail Intermediary – B FORM” (B FORM);
• If the firm intends to act as a Tied Mortgage Credit Intermediary, it should review the section on the Authorisation Process under the CMCAR for Tied Mortgage Credit Intermediaries tied to only one Creditor or only one group.
• It has read the appropriate Guidance Note i.e. and has taken the information provided therein into consideration when completing the A Form or the B Form, as appropriate namely:
• the “Guidance Note for the Completion of an Application for Authorisation as a Retail Intermediary – A FORM”; or
• the “Guidance Note for the Completion of an Application for Authorisation as a Retail Intermediary – B FORM” 

In determining whether it is appropriate to complete the A Form or the B Form in advance of submitting an application for authorisation, the firm should assess its proposed activities against the criteria set out in Note 1 of Part 1 of each application form. The relevant criteria to be used to determine which application form should be completed are summarised below:

Criterion	A Form	B Form
Does the applicant propose an organisational structure that includes branches, tied insurance intermediaries, IIA tied agents, sub-brokers or agents within 12 months of authorisation	No	Yes
Does the applicant propose to operate as a Managing General Agent within 12 months of authorisation	No	Yes
Does the applicant propose to passport its services into other Member States within 12 months of authorisation	No	Yes
Does the applicant propose to provide services to 2,500 or more consumers based on a projected average number of consumers in years 1-3 post authorisation	No	Yes

In situations where existing Firms are adding a new authorisation type (including renewal of a mortgage credit intermediary license), the criterion set out above should only be considered in the context of the new authorisation being sought.

For example, an applicant may meet the criterion for a B Form in respect of an existing authorisation.  However, if it does not meet any of the B Form criterion in respect of the authorisation being applied for, an A Form should be completed.

Pre-Assessment Phase

• Following submission of a completed A Form or B Form, as appropriate, with supporting documentation; the Central Bank acknowledges receipt of the application submission;
• The Central Bank will assess whether the application submission contains the key information and documentation required;
• Where all key information and documentation has been provided, the applicant will be asked to submit Individual Questionnaires (IQs) in respect of all proposed PCFs.
• Applicants who do not already have access to the Central Bank's Portal will be required to register as a user. Please see the information attached here. The process for registration will be provided to applicants once a key information check of their application has been completed. The applicant’s Portal Administrator will then be able to provide the firm with the relevant permission to access the Fitness and Probity Section of the Portal, where the applicant will be able to complete the Fitness and Probity Profile and IQs. Where an applicant wishes to change their Portal Administrator, they should contact [email protected].
• Applicants will also be requested to submit a Vetting Invitation Form (including proof of identity), where appropriate.
• A Garda Vetting Form is required where the applicant is a Sole Trader or a company with a single director. Please note that as An Garda Siochana operate an online eVetting process, the Central Bank will only process eVetting applications. 
• Further information on the Garda Vetting Process is available on the Brokers/Retail Intermediaries, Debt Management Firms PCF Assessment page of the Central Bank website. 
• Please see here for guidance on the Vetting Invitation Form, the Vetting Application Form and the required certification and proof of identity documents. 
• If you have any queries on the eVetting process please contact the Regulatory & Business Services Division.
• The Central Bank assesses whether IQs, Vetting Invitation Forms and Vetting Application Forms have been completed and that acceptable certified proof of identity has been provided;
• Where all key information and documentation has been provided, the application submission progresses to the Assessment Phase.

Assessment Phase

• The Central Bank completes an assessment of the application submission and may issue detailed comments and/or seek additional information or clarifications;
• The applicant is provided with the opportunity to address the comments and requests issued by the Central Bank in a revised application submission(s). Applicants must provide a detailed and full response to comments to avoid its application being deemed dormant and withdrawn;
• The Central Bank will assess these subsequent application submission(s) and notify the applicant of its assessment and next steps. The applicant is provided with a further opportunity to address any concerns arising at this stage in the process (if any); and
• The Central Bank will notify the applicant of its decision in respect of the application submission.

NB Applicants may be moved back to the Pre-Assessment Phase in certain circumstances, for example where incorrect or misleading information resulted in an application progressing to the Assessment Phase or when an IQ is subsequently rejected as incomplete by the Fitness and Probity Team.

Where an application is returned to the Pre-Assessment Phase, the Service Standards clock will be reset and the standard Pre-Assessment Phase process will recommence.

 In the sections set out below, the applicant will be able to learn about the different stages of the application process in more detail.

Applicants should submit the following documentation which should be fully completed:

• The A FORM or B FORM, as appropriate including the specific information / documentation requirements set out in the relevant application form.;
• Individual Questionnaires (when requested to do so);
• Where relevant, the Vetting Invitation Form (including proof of identity).
• Where an applicant completing the B FORM proposes to provide services under the IDR and/or CMCAR into the EEA, either by establishing a branch (freedom of establishment basis), or on a cross border (freedom of services) basis, it should also submit the following documentation, as appropriate, which should be fully completed:
• An IDR Freedom of Establishment Form (An online IQ will be required in respect of the individual proposed for the role of Branch Manager);
• An IDR Freedom of Services Form;
• A CMCAR Freedom of Establishment Form(an online IQ will be required in respect of the individual proposed for the role of Branch Manager); and/or
• A CMCAR Freedom of Services Form.

Individual Questionnaires:

Once an application is submitted and the applicant has registered as a user on the Central Bank Portal, the applicant will need to ensure that all relevant individuals proposed to hold a PCF role (typically board members, senior management, key function holders) complete Fitness and Probity IQs - more information and guidance material on completing the IQ can be found here. IQs must be submitted electronically via the Central Bank Portal by all relevant individuals.

It is the firm’s responsibility to ensure that it identifies all proposed PCFs prior to submitting an application for authorisation as a retail intermediary. Incorrect or incomplete identification of proposed PCFs may lead to a delay in progressing an application and/or may result in an application being moved back to the pre-assessment stage of the application process.

Please note that, for new applicants, access to the online IQ only becomes available after an application has been deemed to contain all the key information and documentation required.

The applicant will also need to ensure that, where required, it submits a Vetting Invitation Form and proof of identity - more information and guidance material on completing the Vetting Invitation Form and providing acceptable proof of identity can be found here.

Important:

• Where incomplete A Forms or B Forms, IQs, Vetting Invitation Forms (including proof of identity) or Vetting Application Form are submitted they will be returned to the applicant.
• Where IQs and Vetting Invitation Form/proof of identity are not submitted within 20 working days of being requested to submit this documentation, the application will be returned to the applicant.
• Where a Vetting Application Form is not completed with 10 working days of receipt of the email advising the applicant to do so, the application will be returned to the applicant.
• An application will only progress to the Assessment Phase of the authorisation process where all key information and documentation required in the A Form or B Form, IQ, Vetting Invitation Form and Vetting Application Form (where required)has been provided.
• It is therefore important that the applicant has read the guidance material provided to assist applicants in completing this documentation, and has taken the information provided therein into consideration when completing the A Form or B Form, the IQs and the Vetting Invitation Form (where required).
• Applicants may be moved back to the Pre-Assessment Phase of the application process in certain circumstances, for example where incorrect or misleading information resulted in an application progressing to the Assessment Phase or when an IQ is subsequently rejected as incomplete by the Fitness and Probity Team.

Submission of an Application

The completed A Form or B Form, along with all relevant accompanying material, should be submitted in electronic format to the Central Bank via our secure file transfer system. Please request access via email to [email protected]. Please note that the submission of a hard copy version of the application is no longer required.

For information on the submission of a completed Garda Vetting Form, please refer to the Sole Traders/Single Directors section of the Brokers/Retail Intermediaries, Debt Management Firms PCF Assessment page of the Central Bank website.

A key priority for the Central Bank in assessing all applications for authorisation as a retail intermediary is the assessment of the applicants proposed Pre-approval Controlled Functions (PCFs). Individual questionnaires (IQs) in respect of each PCF are assessed by the Central Bank’s Regulatory and Business Services Division. These assessments are integral to the assessment of the application in its entirety.

With this is mind, firms should satisfy themselves that relevant persons meet the Fitness and Probity Standards (the Standards) for Regulated Financial Service Providers before applying for authorisation. Firms should note that compliance with the Minimum Competency Code (where applicable) is not sufficient on its own to meet the Standards.

In particular, the following sections of the Standards must be considered by each proposed applicant:

• Section 3.1 of the Standards require a person to have the qualifications, experience, competence and capacity appropriate to the relevant function

• Section 3.2 sets out that the person must, among other things, be able to demonstrate that he or she:

1. has professional or other qualifications and capability appropriate to the relevant function;
2. has obtained the competence and skills appropriate to the relevant function, whether through training or experience gained in an employment context;    
   and
3. has shown the competence and proficiency to undertake the relevant function through the performance of previous functions which if carried out at present would be subject to this Code, or current controlled functions, or performance by the person of any role similar or equivalent to the functions that are covered by this Code. 

Applicants seeking a Pre-Approval Controlled Function (PCF) role in a firm must have obtained relevant experience at an appropriately senior level prior to submitting an application to the Central Bank.

The Central Bank will acknowledge receipt of an application for authorisation submitted by the applicant within 3 working days of receipt.

The Central Bank will then check that the application material submitted contains all the key information and documentation required to proceed to the submission of IQs and the Vetting Invitation Form (including proof of identity). Within 10 working days of receipt of the application, the Central Bank will either:

I. Advise the applicant that the application contains sufficient material to proceed to the submission of IQs and the Vetting Invitation Form (including proof of identity); or

II. Advise the applicant that the application does not contain sufficient material to proceed to the submission of IQs and the Vetting Invitation Form (including proof of identity) and so is not being progressed to that phase. A statement of the omitted information is also provided to assist the applicant should it wish to submit another application in the future. Any subsequent application will be considered a new application and the application process commences again.

Where sufficient information has been received, as outlined in Stage 2(I) above, the application will proceed to the submission of IQs and the Vetting Invitation Form (including proof of identity). Once registered as a user on the Central Bank Portal, the applicant will be required to complete and submit all required IQs and the Vetting Invitation Form (including proof of identity) (where required).

The applicant will then have 20 working days to submit all IQs and the Vetting Invitation Form (including proof of identity). If all required IQs and the Vetting Invitation Form (including proof of identity) are not submitted within 20 working days the application will be deemed dormant and withdrawn and will be returned to the applicant. Any subsequent application will be considered a new application and the application process commences again at Stage 1. On receipt of a completed Vetting Invitation Form (including proof of identity), the applicant will be issued an email with a link inviting them to complete a Vetting Application Form on the Garda eVetting portal. The Vetting Application Form must be completed within 10 days of receipt of the email.

Applicants will be advised that the application will progress to the Assessment Phase of the authorisation process once all required IQs and the Vetting Invitation Form (including proof of identity) and the Vetting Application Form have been completed/submitted and are deemed to contain all the key information and documentation required.

Where an application submission, all relevant IQs and the Vetting Invitation Form (including proof of identity) and Vetting Application Form (where relevant) have been received and have been deemed to contain all the key information and documentation required, as outlined in Stages 2(I) and 3 above, the Central Bank will then proceed to the Assessment Phase of the application process. In the Assessment Phase, the application material submitted will be reviewed against the relevant authorisation requirements to determine whether sufficient information has been provided to enable the Central Bank to issue a 'Notification of Assessment' letter as referred to in Stage 5 below. The Central Bank will issue initial comments to the applicant based on its review of the application material submitted and any subsequent comments based on its review of responses submitted by the applicant. The Central Bank has published service standards (see below) in respect of the processing of applications for authorisation and in the context of meeting those standards the service standard timeframe to which the Central Bank has committed for the Assessment Phase of the application process is 90 working days. However, it should be noted that in the event of further and/or subsequent information being sought, this 90 day 'clock' is paused until such information is received by the Central Bank from the applicant.

In the event of the applicant failing to respond to a request from the Central Bank for further and/or subsequent information, after 20 working days the application may not be considered further by the Central Bank.

Regulatory Service Standards

As set out in Appendix A of the Regulatory Service Standards Performance report which relates to Service Standard Exceptions, the Service Standards targets set out do not apply in certain cases, including but not limited to cases where:

• Responses are pending from third parties
• persons are subject to interview;
• significant legal issues arise;
• significant fitness and probity issues arise;
• the business model of an applicant is complex or novel in nature;
• significant changes to the business model, the applicant’s shareholder structure or other key aspects of an application arise during the review process, or where the application becomes dormant; and
• the Central Bank is minded to refuse an application.

The time taken by an applicant to address matters raised by the Bank during the authorisation process is excluded from the Service Standards. 

Applications that remain dormant with no positive engagement from an applicant will be considered withdrawn. Applications will be considered dormant and withdrawn if:

• IQs are not submitted within the relevant timeframe; or
• a formal and complete response to all of the Authorisation Team’s comments and/or requests for further information in respect of its application is not received within the relevant timeframe.

Fitness and Probity Interviews

A sample of proposed PCF role holders within applicant firms using the A FORM may be subject to fitness and probity assessment interviews. Applicants will be notified during the Assessment Phase of the application process where a proposed PCF role holder in the applicant has been selected for interview. Assessment and/or specific interviews will also be conducted in respect of A FORM and B FORM applications not selected by the Central Bank where specific fitness and probity related concerns arise.

The Central Bank will notify the applicant of the outcome of the Assessment Phase of the application process as follows:

a) Where the assessment is favourable, the Central Bank will notify the applicant by letter that it proposes to authorise the applicant on the basis of the information provided in its application submission, provided any specified final steps are taken and/or specified final items of information and evidence are received. This letter will also specify any specific conditions the Central Bank proposes to impose on the authorisation itself once granted. This letter will explain the reasons for these proposed conditions and the applicant will be afforded the opportunity to make representations in respect of the proposed conditions before the Central Bank makes any decision on the application.

b) In the event that the Central Bank is not satisfied on foot of the Assessment Phase such that it can issue a Notification of Assessment letter under (a) above, the Central Bank will advise the applicant of this by letter. The letter will set out the areas to be addressed and afford the applicant the opportunity to do so and to make any submissions it wishes to the Central Bank in respect of these matters.

Once the Central Bank has assessed any further information/evidence/representations submitted by the applicant following on from Stage 5 above, the Central Bank will notify the applicant, via letter, of its decision on the application as follows:

• Authorisation - The Central Bank has decided to grant an authorisation.
• Authorisation with Specific Conditions - The Central Bank has decided to grant an authorisation with specific conditions attached to the authorisation. The specific conditions to be attached to the authorisation will be outlined in the letter.
• Proposed Refusal of Authorisation - The Central Bank is minded to refuse the application for authorisation. In accordance with the applicable legislation, the Central Bank will notify the applicant of the grounds for the proposed refusal of the authorisation. The applicant will then have an opportunity to make submissions in response to the proposed refusal. The submissions will then be considered by the Central Bank following which a decision will be taken by the Central Bank to grant or refuse the authorisation applied for, as appropriate. Details of the Central Bank's process for the refusal of an application for authorisation are available here.

If the applicant has any queries in respect of the application process it can contact the Central Bank at [email protected]