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Ireland anticipates authorisation rise from UK firms




The Central Bank of Ireland has reported that Brexit has led to an increase in the number of authorisation queries from UK firms.

The body responsible for regulating financial firms in Ireland said its workforce planning for next year reflects the additional resources needed to deal with the rise in applications.

Cyril Roux, deputy governor of the Central Bank of Ireland, warned UK firms that they faced a rigorous process before they could become authorised to operate in Ireland as he confirmed the rise in enquiries.

“Many of these engagements have been preliminary in nature.

“But several have moved in the pre-application or application phase and this is likely to continue in the coming months as UK firms prepare for the possibility of a loss of passporting rights into the EU.”

Mr Roux added that in determining an application for authorisation it followed clear, published rules and processes derided from the European Union and guided by its mandate to protect consumers.

“We are mindful of the fiduciary role of financial actors, and the need to safeguard deposits, premiums or client assets from loss stemming from incompetence, mis-governance or outright failure.

“In authorising a firm, we will want to be satisfied that we are authorising a business or line of business that will be run from Ireland and which we will be effectively supervising.

“We will expect there to be substantive presence.”

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