Financial Regulatory

Certain large systemic investment firms will be required to re-authorise as credit institutions following the transposition of the Investment Firms Directive (IFD) into Irish law. Three statutory instruments have been signed by finance minister Paschal Donohoe to complete the transposition of the IF

Legislation allowing the government to set a maximum interest rate for high-cost credit loans has completed its journey through the Oireachtas. Once enacted, the Consumer Credit (Amendment) Bill 2022 will redefine "moneylenders" as "high-cost credit providers" and allow the finance minister to intro

A wider range of providers of credit and hire purchase agreements have become subject to Central Bank regulation under new legislation. The Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Act 2022 came into effect last week following a commencement order signed by financ

Jenny Ahern has joined corporate and commercial law firm LK Shields Solicitors as its new head of banking and finance. Previously a partner with Mason Hayes & Curran LLP, Ms Ahern is a corporate banking specialist with extensive experience in dealing with domestic and cross-border transactions i

Global law firm Eversheds Sutherland has announced the appointment of Deborah Archer as a banking and finance partner in its Belfast office. Ms Archer brings over 20 years’ experience advising local and international financial institutions, industrial and provident societies, and corporate ent

Regulatory issues are seen as the greatest challenge to digital transformation in Ireland's financial services sector, according to a survey conducted by Mason Hayes & Curran LLP. The business law firm surveyed more than 100 professionals attending its recent webinar on the legal and regulatory

Financial service providers paid out more than €7 million following complaints to the Financial Services and Pensions Ombudsman (FSPO) in 2021, new figures reveal. The total includes €4.6 million in mediated settlements in 1,153 complaints in the FSPO's dispute resolution service and &euro

A ban on "price walking" in the Irish motor and home insurance markets will be brought into effect from July 2022, the Central Bank has announced. From 1 July, insurance providers will not be allowed to charge relevant renewing customers a premium that is higher than they would have charged an equiv

LK Shields LLP partner Jennifer McGuire and senior associate James Byrne consider the impact on Ireland of a new EU directive on foreign direct investment. An EU Regulation establishing a framework for screening foreign direct investments (FDI) into the EU from third countries on the grounds of secu

Draft legislation to restrict interest rates on moneylending loans has been published by finance minister Paschal Donohoe. The Consumer Credit (Amendment) Bill 2022 aims to restrict the total cost of credit on moneylending loans. It will provide the finance minister with the power to make regulation

The Bank of Ireland (BOI) has been fined a record €24.5 million over failures to guarantee continuity of service in the event of significant IT disruptions. The bank admitted five breaches of the European Communities (Licensing & Supervision of Credit Institutions) Regulations 1992 and the

A new bill will aim to "enhance transparency" around the practice of insurers deducting government payments from Covid-related claims settlements. The Department of Finance has begun drafting the Insurance (Miscellaneous Provisions) Bill, which will address insurance-related issues that have arisen

Financial regulatory lawyer Eoin O'Connor has been appointed by global law firm Hogan Lovells as managing partner of its new Dublin office. Mr O'Connor, who has been appointed as partner in the firm's global regulatory practice, joins from Walkers, where he served as head of regulatory for Ireland.

The Financial Reporting Council (FRC) has fined accountancy firm Grant Thornton UK more than £2.3 million for failings and a "serious lack of competence" in its audits of restaurant chain Patisserie Valerie. Patisserie Valerie collapsed in January 2019 as allegations of fraud encompassed the c

Legislation requiring certain large systemic investment firms to re-authorise as credit institutions will be introduced "as soon as possible", the Department of Finance has said. Statutory instruments signed by finance minister Paschal Donohoe this week have partly transposed the Investment Firms Di