Application Process for Retail Intermediaries
The purpose of this section is to provide information to firms considering applying for authorisation as an insurance intermediary, reinsurance intermediary, ancillary insurance intermediary, investment intermediary, mortgage credit intermediary and/or mortgage intermediary (collectively referred to here as retail intermediaries). The Central Bank of Ireland (the Central Bank) is the competent authority in Ireland for the authorisation and supervision of retail intermediaries under the:
- European Union (Insurance Distribution) Regulations 2018 (IDR) (insurance intermediaries, reinsurance intermediaries, and ancillary insurance intermediaries);
- Investment Intermediaries Act 1995 (IIA) (investment intermediaries);
- European Union (Consumer Mortgage Credit Agreements) Regulations 2016 (CMCAR) (mortgage credit intermediaries); and
- Consumer Credit Act 1995 (CCA) (mortgage intermediaries)
Each applicant seeking authorisation must satisfy the Central Bank that it can meet the authorisation standards set out in the relevant legislation. Firms are advised to seek legal advice if they are unsure as to whether their proposed activities require authorisation pursuant to either of the above pieces of legislation, or if they are unsure as to how they should comply with the relevant authorisation requirements. If, after having received and considered such advice, firms have any doubt about their status, they are advised to submit an application for authorisation.
The Central Bank adopts a robust, structured and risk-based process that seeks to ensure that only those applicants that demonstrate compliance with the applicable authorisation requirements are authorised.
The Central Bank seeks to assess each application as efficiently and in as timely a manner as possible while meeting its obligation to operate a rigorous and effective gatekeeper function. It aims to ensure that the application process is facilitative and accessible from the perspective of applicants and, importantly, that applicants have clarity with regard to the process, its requirements and timelines. Details on the Authorisation Service Standards are set out below.
In advance of submitting an application for authorisation, the firm should also satisfy itself that:
A-Form applicants can choose to submit an application via the Central Bank Portal (recommended) or by using the word version of the application form provided above. Further details on submitting an application via the Portal are set out below.
In determining whether it is appropriate to complete the A Form or the B Form, 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 also 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 authorisation), 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.
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.;
- A-Form applicants can choose to submit an application via the Central Bank Portal (recommended) or by using the word version of the application form provided above. Applicants should refer to the section on ‘Submitting an A Form Application using the Central Bank Portal’ above for details of the documents that they will need to have ready to upload as part of their application, in advance of completing the online 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 the 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 role holders) complete Fitness and Probity IQs. 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 of the key information and documentation required.
In respect of sole traders and single director companies, applicants will be invited to complete the “Garda Vetting Invitation Form” and provide proof of identity, as required by the National Vetting Bureau (NVB). A copy of the form, including further information and guidance, will be issued by the Fitness and Probity Unit to applicants via secure message on the Portal following the IQ submission.
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 are not submitted within 20 working days of being requested to submit this documentation, the application will be returned to the applicant.
- An application will only progress to the Assessment Phase of the application 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 applicants has read the guidance material provided to assist applicants them in completing this documentation, and haves taken the information provided therein into consideration when completing the A Form or B Form, the IQs and the Garda Vetting Invitation Form (where required).
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 Kiteworks, 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.
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 Fitness & Probity Unit. These assessments are integral to the assessment of the application in its entirety.
With this in 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 requires a person to have the qualifications, experience, competence and capacity appropriate to the relevant function
- Section 3.2 sets out that the person must, amongst other things, be able to demonstrate that he or she:
- has professional or other qualifications and capability appropriate to the relevant function;
- has obtained the competence and skills appropriate to the relevant function, whether through training or experience gained in an employment context;
and
- 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.
Submitting an A Form Application using the Central Bank Portal
The online Application Form for Authorisation as a Retail Intermediary - A Form (Application Form) is available on request from [email protected], on the Central Bank Portal under ‘Authorisation Applications’.
The application form can be saved, mid-completion, for up to one week. The application form is auto-saved, and, on logging back on to the Portal within a week, an applicant will be returned to the point on the application form where they logged off. Firms must ensure to follow the steps, as outlined below, in order to access the Application Form.
The documents that an applicant needs depends on the authorisation/registration that it is applying for. We would recommend that applicants read the word version of the “Application Form for Authorisation as a Retail Intermediary – A FORM” before commencing their online application. In particular, applicants should consider whether they will need to have the following documentation ready to upload in response to the relevant questions:
- Brief overview of the person responsible for compliance in the applicant firm (all applicants, apart from those appointing a PCF-12, Head of Compliance)
- Brief overview of the human and financial resources for training staff (IIA only)
- Detailed financial projections (IIA only)
- Letters of Appointment as a Mortgage Credit Intermediary/Mortgage Intermediary (CMCAR/CCA only)
- Information on audited accounts if they carried a qualified opinion, adverse opinion or disclaimer of opinion (all applicants)
Yes, a third party can assist applicants with the completion of the application form. The firm’s Portal Administrator can provide the third party’s P-number to [email protected] and request secure access for that person to the firm’s application form.
However, please note that, as set out at 3.10 and 3.13 of the Guidance Note, the Central Bank will not liaise solely with a third party in relation to an application submission. All correspondence in respect of an application submission will be sent by the Central Bank directly to the relevant senior member of the applicant (i.e. director/sole trader/partner/senior manager) and, where appropriate, to any third party identified by the applicant to accept service of any such correspondence. Applicants should be aware that they remain responsible for any information provided, or the failure to provide information, in respect of an application submission where they engage third parties to complete such tasks.
Applicants will have up to one week to complete the on line application once the applicant has commenced the application. As no information will be saved after one week, applicants will need to re-start the application from the beginning.
The time taken to complete an application depends on how many authorisations the firm is applying for. Each authorisation type selected results in additional sections and/or questions to be completed.
Certain questions in the Application Form allow applicants to upload additional information in word format. If you want to provide additional information, click in the space provided to upload a supporting document from within your File Explorer.
If you need to upload multiple files, for example, the letters of appointment under the CMCAR and the CCA, you will need to upload a zipped folder containing the multiple supporting attachments to the online application form. In order to create a zipped folder, right click on a file within File Explorer to launch the Shortcut menu. Select ‘Send To’, followed by ‘Compressed (zipped) folder’. This will create a zipped folder. The zipped folder can then be uploaded in response to the relevant question in the application form.
Any queries or issues relating to accessing the Portal should be submitted to [email protected].
Any queries or issues relating to the application form should be submitted to [email protected].
All questions on each page of the application form must be answered before you can proceed to the next page.
The application form also contains certain statements that applicants are expected to be in a position to confirm. For example, an applicant is required to confirm that it is in a positive cash flow position as at the date of authorisation.
Where a firm has skipped a question, or has provided an answer that would not be accepted, the following warning messages will appear.
“Please answer this question”
“This requirement is an expectation of any firm applying for authorisation/registration. Please review the firm’s response and refer to Part 1 for further information”
The firm should consider its response and update as appropriate.
- Single Director Firm – The sole director
- Sole Trader – The principle
- Partnership – Two partners
- Companies with more than one director – Two directors (executive directors, where appropriate)
Key Stages in the Application Process
The Central Bank will acknowledge receipt of an application for authorisation submitted by the applicant within 3 working days of receipt.
Please note that A Form applications submitted via the Portal will be auto-acknowledged.
Where an application submission, all relevant IQs, the Garda Vetting Invitation Form (including proof of identity) and the Vetting Application Form (where required) have been received and have been deemed to contain all of 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 make a decision on the application.
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 this context, the Service Standard timeframe for the completion of the Assessment Phase of the application process is 90 working days (from receipt of all relevant IQs). However, it should be noted that, in the event of additional information being sought, this 90 working 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 additional information within 20 working days, the Central Bank will follow the dormancy process, as set out in Stage 3 above.
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 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 Central Bank during the application process is excluded from the Service Standards.
Applications with no positive engagement from an applicant will be deemed dormant and withdrawn. Applications will be considered dormant and withdrawn if:
- IQs for proposed PCF role holders 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 the application is not received within the relevant timeframe.
Fitness and Probity Interviews
Pursuant to Section 23 of the Central Bank Reform Act 2010, proposed PCF role holders within applicant firms may be subject to fitness and probity interviews where specific fitness and probity related concerns arise. Applicants will be notified during the Assessment Phase of the application process where a proposed PCF role holder is required to attend for interview.
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 that any specified final steps are taken and/or any specified final items of information and evidence are received. This letter will also specify any specific conditions that the Central Bank proposes to impose on the firm’s authorisation. 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 and the conditions.
b) Where the assessment is unfavourable, and the Central Bank is not satisfied to grant the authorisation, the Central Bank will issue a letter to the applicant to advise that it 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 be considered by the Central Bank, following which, a decision will be taken by the Central Bank to grant or refuse the authorisation.
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.
- Refusal of Authorisation – The Central Bank has decided to refuse an authorisation.Please see further details on the refusal process available on the Refusals and Revocations page of the Central Bank website.
If an applicant has any queries in respect of the application process, it can contact the Central Bank at [email protected].
Application Process under the CMCAR for Tied Mortgage Credit Intermediaries tied to only one Creditor or only one group
1. Application by the creditor
Regulation 32 (2) sets out that an authorisation of a Tied Mortgage Credit Intermediary who acts on behalf of, and under the full and unconditional responsibility of, only one creditor, is effected by an application under Regulation 30 by the creditor on whose behalf the Tied Mortgage Credit Intermediary will exclusively act.
2. Creditor Declaration Form
An application for authorisation under the CMCAR as a Tied Mortgage Credit Intermediary tied to only one creditor must, in addition to fulfilling the requirements and containing all of the documentation outlined above for all Retail Intermediary applications, also be accompanied by a Creditor Declaration Form completed by the mortgage provider on whose behalf the applicant intends to act.
Creditor Declaration Form | doc 444 KB
This information was last updated on 20 June 2025