In this issue
Updated Outline of the Central Bank Administrative Sanctions Procedure
2014 to be the year of the Central Bank Inquiry
Central Bank enforcement settlements in 2013
New powers acquired by the Central Bank
Update on Financial Services Ombudsman
Landmark High Court decision provides clarity on the duties of pension scheme trustees

For further information, please contact Bríd Munnelly, Carina Lawlor or Michael Byrne at Matheson.

E:brid.munnelly@matheson.com
E:carina.lawlor@matheson.com

E:michael.byrne@matheson.com

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Welcome to the Regulatory and Investigations Spring ezine
2014 is set to be another busy year for the Central Bank of Ireland.  The recent publication of new guidelines for the Administrative Sanctions Procedure and new Inquiries guidelines indicates that 2014 will see the Central Bank continue its enforcement strategy of “assertive risk-based supervision underpinned by a credible threat of enforcement”.

This update provides a brief overview of key developments in 2013 and looks ahead to what we can expect during 2014.

Following the 2013 bi-annual review recently published by the Financial Services Ombudsman in which he exercised his “name and shame” powers for the first time, we consider the impact that this new power has had on complaints to his office and the key findings of his review.

Finally, we review a significant High Court case in which Matheson represented the trustees of the Element Six Contributory Pension Plan in successfully defending a claim taken by 128 of the Plan's members.

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In this issue
Updated Outline of the Central Bank Administrative Sanctions Procedure
The Central Bank published an updated Outline of the Administrative Sanctions Procedure in November 2013, which provides a detailed insight into its investigative process.
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2014 to be the year of the Central Bank Inquiry
The new Administrative Sanctions Procedure Inquiry Guidelines published by the Central Bank set out the procedure that will be followed in the inquiry process.
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Central Bank enforcement settlements in 2013
The Central Bank concluded 16 settlements in 2013, with monetary sanctions of approximately €6.35 million.
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New powers acquired by the Central Bank
The Central Bank (Supervision and Enforcement) Act 2013 will further strengthen Ireland's financial services regulatory framework.
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Update on Financial Services Ombudsman
On 26 February 2014, the Financial Services Ombudsman published his 2013 bi-annual review and, for the first time, exercised his newly acquired powers to “name and shame” individual financial service providers against which more than three adverse findings had been made. 
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Landmark High Court decision provides clarity on the duties of pension scheme trustees
Greene & Ors v Coady & Ors 2012 / 7254 P
Matheson represented the trustees of the Element Six Contributory Pension Plan in successfully defending a claim taken by 128 of the Plan's members.
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