Central Bank of Ireland’s Post

💡 As of Monday, 1 July 2024, Senior Executive Accountability Regime #SEAR became effective for certain investment firms. SEAR is a key pillar of the Central Bank of Ireland's Individual Accountability Framework (#IAF). Find out more: https://lnkd.in/e_ZbVt5t #IrishFunds #funds #assetmanagement #accountability

The final pillar of the Individual Accountability Framework, SEAR, has taken effect as of today. The Central Bank (Individual Accountability Framework) Act 2023 (the IAF Act) was signed into law on 9 March 2023 and was partially commenced on 19 April 2023. The remaining parts of the IAF Act were commenced on 29 December 2023. Some aspects of the IAF Act did not take effect until the Central Bank issued enabling regulations. For more on this, read the Central Bank of Ireland's post and in-depth breakdown of the IAF on their website. #IAF #SEAR #IndividualAccountabilityFramework

The #IA today published the consultation conclusions on six draft Rules for the implementation of the Risk-based Capital (#RBC) regime. Respondents were generally supportive of the proposals outlined therein, with comments mainly on areas such as capital requirements and valuation of assets and liabilities. The #IA has made amendments to certain original proposals after careful consideration of the feedback received. The finalised Rules will be tabled at the Legislative Council for negative vetting in May 2024, with a view to coming into operation in tandem with the commencement of the Insurance (Amendment) Ordinance 2023. Read the press release: https://lnkd.in/gtzhFfE2 Consultation conclusions: https://lnkd.in/gghNWyzy #InsuranceAuthority #RBCRegime #FinancialStability

The Financial Conduct Authority has published interesting insights from its evaluation of larger #insurance companies’ approaches to monitoring outcomes in line with the #ConsumerDuty. The report outlines: ➡ #FCA expectations ➡ Good and poor practices ➡ Assesses how firms monitor their performance against the four Duty outcomes. Read more: https://lnkd.in/e8RtbU92

Our TOP priority here at FCR ⬇️ ... to provide the information and tools required to make the best decisions for you and your business! #fcraccountants #charteredprofessionalaccountants #cpa #businessvaluators #businesstips #businessfinance #financialfreedom #businessgrowth

#HKRBC is coming. Board members and senior management will be required to think more strategically and consider wider aspects on managing their insurance companies, meeting policyholders’ reasonable expectations and fulfilling Hong Kong Insurance Authority’s requirements under the Hong Kong Risk Based Capital regime. Featuring Deloitte’s speakers at Session 1 of the upcoming HKRBC webinar series hosted by the Actuarial Society of Hong Kong on 10 Jan 2024, Dhiran Dookhi and Brian Pak will focus on a high level overview of two key pillars in the HKRBC regime: quantitative requirements (Pillar 1) and supervisory reporting and public disclosure (Pillar 3). The session aims to provide the knowledge and tools to empower the insurers’ management to make informed decisions, assess financial stability, and communicate effectively with their key stakeholders including policyholders, investors, and the regulator. Click here to register online: http://spr.ly/6040ROGju What’s Next: Session 2 of the series will be held on 28 Feb 2024 where Dhiran Dookhi and Jackie Wai Chu will focus on business application of HKRBC, covering implications on the investment strategy and ALM, product strategy and dividend to shareholders. Please stay tuned!

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📑 💬 As the insurance sector readies itself for impending Solvency II reforms, particularly concerning the Matching Adjustment (MA), the PRA is actively engaging with stakeholders in hopes to nurture a seamless transition. 📅 The final rules are expected in early June, with the deadline being set for June 30, 2024. The recent updates from the PRA provide assurance that current MA approvals will remain valid under the reformed regime, while also addressing practical challenges, such as the timing of attestations and fundamental spread additions, offering guidance well in advance of the June 30 deadline. Firms will have the option to voluntarily adopt certain requirements, and they will not be required to submit new MA applications at the point of implementation unless coupled with other changes. #4most #PRA #SolvencyII #MatchingAdjustment #MA

** What can we learn from (ASIC's) the Financial Services and Credit Panel (FSCP) Determination #4? ** If you want to know the details of this particular case, read this post https://lnkd.in/ehSxFpF7 What can we learn from this? * Super switching when there is existing insurance involved still carries significant advice risk with it, if not executed properly - this is really "Financial Advice 101", however, there are still some advisers struggling with this type of advice. * lazy financial advice practices can creep in when circumstances arise that could jeopardise the advice being taken up by the client - that is, an adviser's self-interest, over that of their clients, can arise if the adviser thinks the deal may fall over * appropriate financial advice is built around what I term the "Personal Advice Equation" (PAE) which is ... Subject Matter Advice Client's Relevant Circumstances = Appropriate Recomendations (Strategy Product/s) When a Financial Adviser does not complete an insurance need analysis nor properly scope the advice, this is simply lazy advice. Risk is created for the adviser and licensee simply because of poor advice practices. ** Want to know something really interesting? ** Like most determinations I've reviewed so far, almost all of the issues raised by the FSCP could have been caught and rectified through a simple (yet effective) PREVETTING of advice framework. Why don't more AFSLs and Advisers pre-vet their advice? #asic #financialadvice #compliance