Consultation Paper on Innovation Engagement (CP156)

Central Bank of Ireland launched Consultation Paper 156  titled “Central Bank approach to innovation engagement in financial services” (PDF 464.08KB).

Since April 2018 and the launch of its Innovation Hub, the Central Bank has engaged widely with existing and start-up firms within the growing fintech and innovation sectors, becoming recognised by peers and stakeholders as a positive first step to build engagement.

In line with the continuous development of the innovation ecosystem, we believe there is value in deepening our current approach by enhancing our Innovation Hub and outreach programme.

We have devised a range of engagement initiatives that enable us to:

• Deepen our understanding of innovation in the financial services sector,  so that we can better understand the opportunities and risks for consumers and the economy.
• Better inform our regulatory approach, allowing us to ensure that our regulation is aligned with a well-functioning financial system based on good levels of competition and innovation.
• Better explain to innovative firms what being regulated entails – so firms can build regulatory requirements and safeguards into their early stage development.
• Embed a regulatory culture in fledgling and fast growing firms – to ensure they are properly prepared for the responsibilities that come as regulated firms, as well as properly run once authorised.

The consultation period was open for responses from 8 November 2023 to 8 February 2024, and is now closed.

View feedback statement to Consultation Paper 156 and responses.