Financial Regulatory

The Central Bank of Ireland has established a dedicated fitness and probity unit. The fitness and probity regime is a critical element of financial regulation, protecting the public interest by ensuring that people who work in key positions in a financial firm are competent and capable, honest, ethi

The UK's Financial Conduct Authority (FCA) has been excoriated as "incompetent at best, dishonest at worst" in a new report from MPs and peers. The culmination of a three-year inquiry involving testimony from 175 individuals, the report highlights the FCA's failure to protect consumers and small bus

The Central Bank of Ireland has imposed a fine of over €320,000 on a payments company which breached EU regulations. BlueSnap Payment Services Ireland Limited breached the requirements of the European Union (Payment Services) Regulations 2018 (the PSR 2018) between January 2021 and December 202

The competitiveness of Ireland's booming funds and asset management sector could be boosted by introducing a new indirectly regulated product regime, according to Ogier. Indirectly regulated AIF products, which are attractive for private asset investment strategies, have enjoyed significant growth i

McCann FitzGerald partners Josh Hogan and Philip Murphy examine a recent English ruling concerning LIBOR's "tough legacy". The English High Court has published a judgment on how a LIBOR-referencing contract should be interpreted now that LIBOR is no longer published as a benchmark rate. The case (St

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

The Court of Appeal has set aside two decisions of the Financial Services and Pension Ombudsman (FSPO) which found that borrowers were entitled to revert to their tracker interest rates having moved to fixed interest rates. Delivering judgment for the Court of Appeal, Mr Justice Charles Meenan recog

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 High Court has refused an application for default judgment against Promontoria (Oyster) DAC and two receivers in circumstances where there was no procedural basis for same and where no evidence had been tendered on behalf of the plaintiff to warrant a curtailment of the trial process. Delivering

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