Brokers / Retail Intermediaries

A broker / retail intermediary is a regulated firm that engages in intermediation activities relating to certain financial products and/or provides advice in relation to those products and can be:

Industry Notices

Central Bank publishes revised Retail Intermediary Application Form

 26 September 2018

The Central Bank of Ireland (the Central Bank) has today published a revised “Application Form for Authorisation as a Retail Intermediary” (RI Application Form) to be utilised by applicants seeking authorisation or registration as a retail intermediary under:

  • The Investment Intermediaries Act 1995 (as amended) (the IIA);
  • The European Union (Insurance Distribution) Regulations 2018 (the IDR);
  • The Consumer Credit Act 1995 (as amended) (the CCA); and/or
  • The European Union (Consumer Mortgage Credit Agreements) Regulations 2016 (the CMCAR).

View the updated Retail Intermediaries application form.
The Central Bank has also published a revised “Guidance Note on Completing an Application for Authorisation as a Retail Intermediary ” which aims to provide further support to applicants completing the revised RI Application Form. 

European Union (Insurance Distribution) Regulations 2018 (the IDR)

The Insurance Distribution Directive (Directive 2016/97/EU) (the IDD) was transposed by the IDR and signed into Irish law on 27 June 2018.  It will come into effect on 1 October 2018 at which point the IDR will replace the European Communities (Insurance Mediation) Regulations 2005 (the IMR) with the objective of creating a level playing field across all parties selling insurance products.

Important information on the IDR, including details of a number of changes from the IMR in terms of the activities that require registration, is contained in the August 2018 Special Edition Intermediary Times.

As the implementation date for the IDR of 1 October 2018 is approaching, the Central Bank expects that any new applications received will be registered under the IDR.   The Central Bank is therefore now accepting applications for registration based on the revised RI Application Form it has published which reflects the requirements of the IDR.

Transitional Arrangements

In recognition that applicants may have already commenced completing an application using the previous version of the RI Application Form, the Central Bank will accept submissions of either the previous or revised version of the RI Application Form up until 15 October 2018.  Where a submission is made using the previous version of the RI Application Form, or has already been made using that version of the form prior to the date of this notice, the Central Bank will seek any additional information required from the applicant to reflect the requirements of the IDR during the authorisation process.  Submissions received after 15 October 2018 must be made using the revised RI Application Form.

Note

This notice does not apply to those firms who have already been granted an authorisation or registration as a retail intermediary by the Central Bank. 

Further information can be found on the Brokers/Intermediaries Authorisation page of the Central Bank website.

Consumer Protection: Policy & Authorisations Division

Handbook of Prudential Requirements for Investment Intermediaries

This Handbook  is effective from 1 October 2014 and replaces the Handbook of Prudential Requirements for Authorised Advisors and Restricted Intermediaries introduced in July 2006.

Newsletter

The Brokers/Retail Intermediaries section of the Bank is now publishing a newsletter entitled Intermediary Times three times a year. It will contain news, useful information on regulatory issues, and highlight recently-published documents of interest. Read more about the Intermediary Times.

Report on the Retail Intermediary Sector in Ireland

The Report on the Retail Intermediary Sector in Ireland, published on 28 February 2013, is now available to view here: Report on the Retail Intermediary Sector in Ireland - February 2013.

2017 Intermediary Roadshow in Dublin and Athlone Presentations

The Presentations from the Retail Intermediary Roadshows in Dublin and Athlone in November 2017 are now available to view: Retail Intermediaries Roadshows November 2017

2016 Intermediary Roadshow Meath/Limerick Presentations

The Presentations from the Retail Intermediary Roadshows in Meath and Limerick in October 2016 are now available to view: Retail Intermediaries Roadshows 2016

Annual Online Return

Annual Online Return - To allow the Central Bank of Ireland to carry out its supervisory functions, all broker/intermediary firms are requested to submit an Annual Online Return. This section provides guidance for firms who are completing their return.

Useful Information

Authorisation - Under the provisions of the above legislation, firms are required to apply to the Central Bank of Ireland for authorisation. It is an offence to engage in insurance/investment/mortgage intermediation without authorisation. As well as completing an application form, applicants must complete an online Individual Questionnaire (IQ) to comply with Fitness and Probity requirements.
Industry Funding Levy - All authorised firms must pay an annual industry levy to the Central Bank of Ireland.

Changes/amendments after Authorisation - Firms must inform the Central Bank of Ireland about any changes or amendments that may affect their authorisation e.g.change of address / trading name / Director or shareholding etc.

Reporting Requirements - In addition to completing an annual online return, please refer to the additional reporting requirements that your firm may be required to comply with.

Codes of Conduct and Regulatory Guidance - For further information on our Codes of Conduct and the regulatory requirements you are required to comply with.

Revocation - If you are considering cancelling your authorisation or registration, you will need to provide at least two months' notice to affected consumers to enable them to make alternative arrangements and to follow the voluntary revocation process.

Registers - If you wish to check if a firm is regulated by the Central Bank of Ireland.
Complaints against a financial services provider are handled by the Financial Services Ombudsman Bureau and not the Central Bank of Ireland.