Regulatory Service Standards Performance Report H1 2020 Published

• Central Bank issues its H1 2020 report on performance against Regulatory Service Standards.
• 34 service standards that applied during the period were either met or exceeded by the Central Bank with over 5,500 applications and submissions assessed.
• Report finds firms are receiving authorisations or approvals in a timely manner. 

The Central Bank has published the Regulatory Service Standards Performance Report for the first half of 2020. The Central Bank has set challenging standards for managing applications for authorisation for financial services firms and for assessing those who want to work in a regulatory sector under the Fitness and Probity regime. This report sets out the Central Bank’s performance against these standards.

The Report finds that the Central Bank Service met or exceeded the standards in all 34 of the applicable targets with over 5,500 applications and submissions assessed. The types of applications and submissions assessed included applications from funds and management companies, applications for the clearance of investment managers, debt and equity prospectuses, applications from retail intermediaries and payment firms, and numerous other activities.

Service was maintained throughout the period when the Central Bank – like many other organisations – moved from office-based to remote working as a result of Covid 19.

Derville Rowland, Director General Financial Conduct at the Central Bank, said:

“The purpose of gatekeeping is to ensure that firms – and individuals in senior roles within those firms – meet the necessary high standards in order to be authorised and approved to provide regulated financial services. Despite the impact of Covid-19, the Central Bank has continued to focus on rigorous and efficient gatekeeping, and we will continue to do so.

“The Central Bank serves the public interest by safeguarding monetary and financial stability and by working to ensure that the financial system operates in the best interests of consumers and the wider economy. Robust, effective and timely gatekeeping is an essential part of this mission in order to protect consumers and investors, mitigate financial stability risk, and enhance trust and confidence in the financial system.”

Notes:

• There are 44 Service Standards in total but, depending on the nature of engagement with the Central Bank, not all standards may apply in any given period.  In H1 of 2020, 34 standards that applied were either met or exceeded.
• The service standards cover the service standards for new authorisations but not the assessments of material changes to existing business in Ireland.