Revocations

About Revocations

The legislation under which the Central Bank is designated as the competent authority with responsibility for the supervision of various financial industry sectors permits the Central Bank to revoke, on an involuntary basis, a regulated financial service provider’s authorisation, where certain grounds set out within the applicable legislation are met.

The involuntary revocation of a firm’s authorisation is a measure that can be taken by the Central Bank where a firm is failing to comply with the requirements of its authorisation. This is distinct from a voluntary revocation of authorisation which takes place following an application on the firm’s own initiative (for example, in the event of retirement).

The involuntary revocation of a firm’s authorisation is amongst the most serious actions that the Central Bank can take. It is pursued where other steps to achieve a firm’s compliance with the requirements of its authorisations have been exhausted, and it is considered the most appropriate measure whilst seeking to balance the best interests of consumers and the protection of the financial sector.

Whilst there is a broad range of issues that may result in the involuntary revocation of a firm’s authorisation, common issues that can result in an involuntary revocation include:

An ongoing failure to hold the requisite professional indemnity insurance or to meet other basic compliance requirements;
A failure to trade for a certain period of time; and
An ongoing failure to engage with the Central Bank, which may include a failure to submit regulatory returns.

The involuntary revocation of a firm’s authorisation means the firm is no longer entitled to conduct authorised business and results in the firm being removed from the Central Bank’s register of regulated firms.

View further information on the Central Bank’s power to revoke a firm’s authorisation/ registration.

Details of Involuntary Revocations published on the Central Bank website since 2019 are outlined below.

Revocation Notices

Involuntary Withdrawal of Registration and Authorisation of an Insurance Intermediary, an Investment Business Firm, a Mortgage Credit Intermediary and a Mortgage Intermediary: Pat O’Sullivan Insurances Limited t/a Olympian Financial Services [19 March 2024]

Notice is hereby given that the Central Bank of Ireland (the “Central Bank”) has, under Regulation 13(1) and 13(2)(a) of the European Union (Insurance Distribution) Regulations 2018 (the “IDR”), Section 16(2)(b) and 16(2)(i) of the Investment Intermediaries Act 1995 (the “IIA”), Regulations 30(3)(a) and 34(1)(a) of the European Union (Consumer Mortgage Credit Agreements) Regulations 2016 (the “CMCAR”) and Section 116(11)(e) of the Consumer Credit Act 1995 (the “CCA”) withdrawn the authorisation and registration of Pat O’Sullivan Insurance Limited t/a Olympian Financial Services (the “Firm”), as an insurance intermediary, an investment business firm, a mortgage credit intermediary and a mortgage intermediary.

The Firm’s registration was withdrawn under Regulation 13(1) of the IDR due to its failure to comply with Regulation 21 of the IDR. The Firm’s authorisation was withdrawn under Section 16(2) of the IIA due to its failure to comply with Part 4 of the Prudential Handbook. The Firm’s authorisation was withdrawn under Section 116(11)(e) of the CCA due to the Firm’s failure to comply with a condition imposed under its authorisation. The Firm’s authorisation was withdrawn under Regulation 34(1) of the CMCAR due to the Firm’s failure to comply with Regulation 30(3)(a) of the CMCAR.

Accordingly, the Firm is no longer entitled to conduct insurance, investment, credit and mortgage distribution activities, in the State and has been removed from the Central Bank Register.

Involuntary Withdrawal of Authorisation and Registration of an Investment Business Firm and Insurance Intermediary: Investment Options & Solutions Limited [2 November 2023]

Notice is hereby given that the Central Bank of Ireland (the “Central Bank”) has, under Section 16(2)(b) and 16(2)(i) of the Investment Intermediaries Act 1995 (the “IIA”) and Regulation 13(1) and 13(2)(a) of the European Union (Insurance Distribution) Regulations 2018 (the “IDR”), withdrawn the authorisation and registration of Investment Options & Solutions Limited (the “Firm”), as an investment business firm and insurance intermediary. The Firm’s registration was withdrawn under Regulation 13(1) of the IDR due to its failure to comply with Regulations 20 and 21 of the IDR. The Firm’s authorisation was withdrawn under Section 16(2) of the IIA due to its failure to comply with Part 4 of the Prudential Handbook.

Accordingly, the Firm is no longer entitled to conduct investment business and insurance distribution activities in the State and has been removed from the Central Bank Register.

Involuntary Withdrawal of Registration of an Insurance Intermediary: Colm Gilvary t/a Accredited Financial Services [30 August 2023]

Notice is hereby given that the Central Bank of Ireland (the “Central Bank”) has, under Regulation 13(1) and 13(2)(a) of the European Union (Insurance Distribution) Regulations 2018, (the “IDR”) withdrawn, on an involuntary basis, the registration of Colm Gilvary t/a Accredited Financial Services (the “Firm”), as an insurance intermediary. The Firm’s registration was withdrawn under Regulation 13(1) of the IDR due to its failure to comply with Regulations 20 and 21 of the IDR.

Accordingly, the Firm is no longer entitled to conduct insurance distribution activities in the State and has been removed from the Central Bank Register.

Involuntary Withdrawal of Registration of an Insurance Intermediary: Letterkenny Motor Company Limited [29 August 2023]

Notice is hereby given that the Central Bank of Ireland (the “Central Bank”) has, under Regulation 13(1) and 13(2)(a) of the European Union (Insurance Distribution) Regulations 2018 (the “IDR”), withdrawn, on an involuntary basis, the registration of Letterkenny Motor Company Limited (the “Firm”), as an insurance intermediary. The Firm’s registration was withdrawn under Regulation 13(1) of the IDR due to its failure to comply with Regulations 20 and 21 of the IDR.

Accordingly, the Firm is no longer entitled to conduct insurance distribution activities in the State and has been removed from the Central Bank Register.

Involuntary Withdrawal of Registration of Insurance Intermediary: Priosma Europe Limited [September 2021]

Notice is hereby given that the Central Bank of Ireland (the Central Bank) has, under Regulation 13(1) and 13(2)(d) of the European Union (Insurance Distribution) Regulations, 2018 (the IDR), withdrawn, on an involuntary basis, the registration of Priosma Europe Limited (the Firm) as an insurance intermediary. The Firm’s registration was withdrawn under Regulation 13(1) of the IDR due to its failure to comply with Regulation 21(1) of the IDR.

Accordingly, the Firm is no longer registered by the Central Bank as an insurance intermediary and is therefore not entitled to conduct insurance distribution activities in the State.

Notes

Regulation 13(1) of the IDR provides that:
“The [Central] Bank may withdraw the registration of, and remove from the Register, an insurance, reinsurance or ancillary insurance intermediary that ceases to fulfil the requirements set out in Regulations 20 and 21.”
Regulation 21 of the IDR provides that:
“(1) Insurance, reinsurance and ancillary insurance intermediaries shall hold ring-fenced professional indemnity insurance covering the whole territory of the Member States or some other comparable guarantee against liability arising from professional negligence, for not less than €1,300,380 applying to each claim and in aggregate €1,924,560 per year for all claims, unless such insurance or comparable guarantee is already provided by an insurance undertaking, reinsurance undertaking or other undertaking on whose behalf the insurance or reinsurance intermediary is acting or for which the insurance or reinsurance intermediary is empowered to act or such undertaking has taken on full responsibility for the intermediary’s actions.

(2) Every insurance, reinsurance or ancillary insurance intermediary shall take all necessary steps to protect customers against the inability of the intermediary, in an appropriate case, to –

(a) transfer to the relevant insurance or reinsurance undertaking premiums paid by those customers,

(b) transfer the amounts of claims payable to those customers, and

(c) return premiums payable to those customers.

(3) Without limitation of paragraph (2), the following provisions apply for the purpose of providing protection to customers of an insurance, reinsurance or ancillary insurance intermediary:

(a) premiums paid by a customer to the intermediary are taken to have been paid to the relevant insurance or reinsurance undertaking;

(b) money paid by an insurance or reinsurance undertaking to the intermediary for a customer are taken not to have been paid to the customer until the customer actually receives it;

(c) the intermediary shall ensure that premiums and other monies paid to the intermediary by customers or by an insurance or reinsurance undertaking are held in, and only transferred by means of, strictly segregated client premium accounts and that the money held in those accounts cannot be used to reimburse other creditors should the intermediary become insolvent.

(4) Insurance and reinsurance undertakings shall approve, implement and regularly review their internal policies and appropriate internal procedures to ensure compliance with the requirements in Regulation 20 and this Regulation.

(5) Insurance and reinsurance undertakings shall identify a function to ensure the proper implementation of the endorsed policies and procedures.

(6) Insurance and reinsurance undertakings shall establish, maintain and keep up-to-date records of all the relevant documentation regarding the application of Regulation 20 and this Regulation.

(7) Insurance and reinsurance undertakings shall, upon request, make available the name of the person responsible for the function referred to in paragraph (5) to the Bank.

(8) In this Regulation, "ring-fenced" means the cover or portion thereof, provided by the professional indemnity insurance or comparable guarantee, that is strictly reserved in respect of liability arising from professional negligence in connection with insurance or reinsurance distribution activities, including those activities previously described as insurance or reinsurance mediation activities, and no other activities, where an aggregate limit applies to the cover.”
Regulation 13(2)(d) of the IDR provides that:
“the [Central] Bank may withdraw the registration of, and remove from the Register, an insurance, reinsurance or ancillary insurance intermediary on any of the following grounds …

(d) since the intermediary was registered, the circumstances under which the registration took place have changed to the extent that an application for registration would be refused had it been made in the changed circumstances”
The legislation governing the different types of financial service providers regulated by the Central Bank permits it, in certain circumstances, to revoke a firm’s authorisation/ registration on an involuntary basis. Some non-exhaustive examples of when firms’ authorisation may be revoked include; where firms fail to hold adequate professional indemnity insurance, fail to trade for a certain period of time, or fail to engage with the Central Bank.
The Central Bank’s power to revoke a firm’s authorisation/withdraw a firm’s registration is one of the most serious actions that the Central Bank can take against a firm and results in the firm being unable to conduct regulated business.
Since 2011, the Central Bank has revoked, on an involuntary basis, 41 firm authorisations.
The Central Bank commenced publishing these outcomes on the Central Bank’s website in 2019.

Revocation of Authorisation of a Bureau de Change Firm: Euroxchanger Currency Services (Ire) Limited [19 May 2021]

Notice is hereby given that the Central Bank of Ireland has, under Sections 36A (1)(b) and 36A(1)(i) of the Central Bank Act 1997, revoked, on an involuntary basis, the authorisation of Euroxchanger Currency Services (Ire) Limited (the “Firm”) as a Bureau de Change firm under Part V of the Central Bank Act 1997.

Accordingly, the Firm is no longer entitled to conduct bureau de change services activities in the State and is hereby removed from the Bureau de Change Register.

Cancellation of Registration of Insurance Intermediary: Bryan Dobson [25 October 2019]

Notice is hereby given that the Central Bank of Ireland has, under Regulation 11(1) of the EC (Insurance Mediation) Regulations 2005 (S.I. No. 13 of 2005), and by reference to Regulation 61 of the European Union (Insurance Distribution) Regulations 2018 (S.I. No. 229 of 2018) cancelled the registration of Bryan Dobson (the "Firm") as an insurance intermediary.

Accordingly, the Firm is no longer entitled to conduct insurance distribution activities in the State and has been removed from the Insurance Distribution Register.

Cancellation of Registration of Insurance Intermediary: Patrick Strapp [29 March 2019]

Notice is hereby given that the Central Bank of Ireland has, under Regulation 11(1) and 11(2) (d) of the EC (Insurance Mediation) Regulations 2005 (S.I. No. 13 of 2005), and by reference to Regulation 61 of the European Union (Insurance Distribution) Regulations 2018 (S.I. No. 229 of 2018) cancelled the registration of Patrick Strapp (the "Firm") as an insurance intermediary.

Accordingly, the Firm is no longer entitled to conduct insurance distribution activities in the State and is hereby removed from the Insurance Distribution Register.

Revocation of Authorisation of Investment Business Firm: Nancy Meers t/a JJ Meers [31 July 2019]

Notice is hereby given that the Central Bank of Ireland has, under Section 16 (2) (d) of the Investment Intermediaries Act 1995, revoked the authorisation of Nancy Meers, t/a JJ Meers (the "Firm), as an investment business firm.

Accordingly, the Firm is no longer entitled to conduct investment business activities in the State and is hereby removed from the Investment Intermediaries Register.

Cancellation of Registration of Insurance Intermediary: Nancy Meers t/a JJ Meers [31 July 2019]

Notice is hereby given that the Central Bank of Ireland has, under Regulation 11(1) and 11(2) (d) of the EC (Insurance Mediation) Regulations 2005 (S.I. No. 13 of 2005), and by reference to Regulation 61 of the European Union (Insurance Distribution) Regulations 2018 (S.I. No. 229 of 2018) cancelled the registration of Nancy Meers, t/a JJ Meers (the "Firm"), as an insurance intermediary.

Accordingly, the Firm is no longer entitled to conduct insurance distribution activities in the State and is hereby removed from the Insurance Distribution Register.