Central Bank of Ireland

"Financial Literacy - Empowering consumers to protect their financial future" - read remarks by Derville Rowland, Deputy Governor for Consumer and Investor Protection which she gave at a Department of Finance Ireland stakeholder event on financial literacy last week. Deputy Governor Rowland’s remarks coincide with new research published by Central Bank of Ireland which highlights the challenges consumers encounter with understanding retirement planning and pensions. 💬 You can read her speech here: ➡ https://lnkd.in/dApSRbBv 📑 A link to the pensions research is available here: ➡ https://lnkd.in/d54XSAwm

Read Governor Gabriel Makhlouf’s pre-budget letter to Minister for Finance Jack Chambers ahead of Budget 2025. https://lnkd.in/dqgQ-c2f

Today, the Senior Executive Accountability Regime (SEAR) becomes effective for credit institutions, certain insurance undertakings and certain investment firms. It introduces important changes to the regulatory framework to enhance governance, performance and accountability, and to ensure clarity of responsibilities in financial services. Noting this milestone in the establishment of the Individual Accountability Framework (IAF), Deputy Governor for Financial Regulation Sharon Donnery said: “The IAF is an important addition to the wider regulatory framework – one which will help enhance governance in firms, thereby contributing to a well-regulated financial sector operating in the best interests of consumers and the wider economy. I am glad to see the SEAR, the final pillar of the Framework, taking effect today.“ To find out more see: https://lnkd.in/e_ZbVt5t #IAF #SEAR #accountability

Last week saw us launch a €15 collector coin in honour of Saint Brigid, one of Ireland’s best-known saints. Deputy Governor Sharon Donnery launched the silver proof coin at Solas Bhríde in Co Kildare. She is pictured at the launch with Rite Minehan of the Brigedine Order. The coin is designed by Irish artist Mary Gregoriy and features a young Brigid, her cape, and the St. Brigid’s Cross. The coin is available in a limited edition of 2,000 and you can order yours here: https://lnkd.in/esUwfQ36

We are delighted to announce that the Central Bank of Ireland has been awarded the Investors in Diversity – Silver accreditation from the Irish Centre for Diversity! This accreditation builds on our previous Investors in Diversity – Bronze award and highlights many strengths of our work to-date as well as providing us with recommendations for how we can continue to build a fulfilling, diverse and inclusive workplace for all of our colleagues.

Earlier this week we published the inaugural Authorisations and Gatekeeping Report. Gatekeeping helps ensure firms and individuals are of a sufficiently high standard to meet regulatory requirements and can be trusted with the public’s money. You can download the report here: https://lnkd.in/eFgxKqX9

🤝 One of the Central Bank’s strategic themes is to be “Open & Engaged”. By being Open and Engaged we are emphasising the critical priority for us to listen to our stakeholders, build dialogue and learn, so that we can contribute to building trust in the financial system and foster a wider understanding of our role. In keeping with this theme, today sees us publish our Open & Engaged Charter which sets out our commitment to effective stakeholder engagement. To find out more see: https://lnkd.in/dZtcwYF5

The Minimum Competency Code (MCC) sets out minimum professional standards for persons providing certain financial services. Earlier this week, we published an Addendum to the MCC to recognise sustainability knowledge and competence. This is to ensure that those selling or advising on sustainable financial products and services are suitably qualified to do so. Further information available here: https://lnkd.in/dgjYsm4r

We are thrilled to share that we won ‘Employer of the Year' at the recent Analytics & AI Awards. This award recognises our success in embedding a data culture into our ways of working and improvements in how we use data and analytics to drive our effectiveness as an intelligence-led organisation. #AnalyticsAwards2024 #Analytics #Data

📢 We've just issued our latest Retail Intermediary Times newsletter which contains the latest regulatory news. This newsletter includes information on our recent Thematic Review, which examined Retail Intermediaries’ compliance with the Minimum Competency Code (MCC), Knowing the Consumer (KYC) and Suitability Requirements of the Consumer Protection Code. Compliance with these requirements is important for the Retail Intermediary sector to serve consumers’ best interests. You can find out more about the findings from this review in the Dear CEO letter shared with the industry in May. https://lnkd.in/d3K4EnUy Other highlights from the newsletter include: ➡ Information on the Regulatory and Supervisory Outlook for 2024 ➡ Update on the Mortgage Intermediary Licence Renewals ➡ Update on the Consumer Protection Code Review ➡ Guidance on changes to Professional Indemnity Insurance Limits ➡ Central Bank (Individual Accountability Framework) Act 2023 ➡ Update on the Industry Funding Levy for 2023 ➡ Information on the Thematic Review on Early Mortgage Arrears. 🔗 to full issue 👉 https://lnkd.in/dwVxwscc