Financial Regulatory

Volkswagen Finance has been ordered by a UK regulator to pay a fine of nearly £5.4 million as well as over £21.5 million in redress to around 110,000 customers after failing to treat customers in financial difficulty fairly. The Financial Conduct Authority (FCA) found that Volkswagen Fin

Business law firm Mason Hayes & Curran has appointed Conor Lynch as partner in its financial services team. Mr Lynch will be based in the firm's London office, where he will play a crucial role in advising both domestic and international banks, as well as financial institutions, on a wide array

Legislation providing for the automatic enrolment of around 800,000 workers into pension schemes next year has been approved by the Oireachtas. The Automatic Enrolment Retirement Savings System Bill 2024 provides for a new retirement savings scheme for workers who are not already members of a pensio

The European Union is to use interest accrued from frozen Russian assets worth around €210 billion to support Ukraine. The decision by the EU's General Affairs Council will benefit Ukraine to the tune of between €2.5 billion and €3 billion per year.

McCann FitzGerald LLP has signed Ireland's Women in Finance Charter, an industry-led and government-backed initiative aimed at increasing participation of women at all levels of business in financial services in Ireland. Signatories are required to commit their organisations to improving the number

Business law firm Mason Hayes & Curran has announced the appointment of Anthony O'Hanlon as a partner in the firm's financial services team. With significant experience in asset management, Mr O'Hanlon helps clients seeking to establish and operate regulated funds in Ireland. He also regularly e

Legislation providing for the establishment of two new funds, the Future Ireland Fund and the Infrastructure, Climate and Nature Fund, has been published. The Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024 follows the announcement of the two funds in Budget 2024.

New legislation on automatic pension enrolment will end Ireland's status as an international "outlier", the government has said. The Automatic Enrolment Retirement Savings System Bill 2024, which will shortly be brought to the Oireachtas, will pave the way for around 800,000 workers to be brought in

William Fry has appointed Derina Bannon as a consultant in the firm's asset management and investment funds department. Ms Bannon has extensive experience advising on legal and regulatory obligations across the asset management sector, having worked on various legal, regulatory and advisory projects

Most Irish technology business leaders see legal or regulatory risk as the biggest barrier to adopting AI, according to a survey by Mason Hayes & Curran.

The Central Bank of Ireland has imposed a €1.225 million fine on Goodbody Stockbrokers for breaching its obligations under EU market abuse rules. The stockbroker breached its obligations under Article 16(2) of the Market Abuse Regulations (MAR), which requires that firms which professionally ar

Ireland has failed in its bid to host the EU's new Anti-Money Laundering Authority (AMLA), which is to be headquartered in Frankfurt. Ireland was one of nine EU member states which had applied to host the authority, which will have over 400 staff members and is set to become operational in mid-2025.

One in four financial services firms are yet to fully grasp the legal implications of the impending Central Bank accountability rules, according to a survey by Mason Hayes & Curran. There are significant gaps in readiness and understanding ahead of the individual accountability framework/senior

New legislation will be introduced to guarantee "reasonable access to cash" in the State. The general scheme of the Access to Cash Bill, which stems from a recommendation made by the Retail Banking Review in 2022, was published yesterday following approval by government ministers.

Complaints against banks and pension providers may be heard in public under legislation due to be published by minsters. The Financial Services and Pensions Ombudsman (Amendment) Bill will amend the legislation underpinning the Financial Services and Pensions Ombudsman (FSPO) in light of the 2021 Su