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 the IDR, IIA, CMCAR and/or CCA, as appropriate, 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 expeditiously 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.

Key Stages in the Application Process

Authorisation 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 is exclusively acting.

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 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

Service Standards Performance Reports

Please find a link to the Service Standards Performance Reports page.

The reports set out the Central Bank's performance against Service Standards that it has committed to in respect of (i) Authorisation of Funds, (ii) Authorisation of Financial Service Providers and (iii) Processing of Fitness and Probity applications, on a half-yearly basis.