Lisa Carty

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Articles

New Irish Companies Act enhances CEA enforcement powers

Dec 5, 2024 | pinsentmasons.com | Lisa Carty |Aleesha Way

Lisa Carty, commercial litigation expert at Pinsent Masons, was commenting after the Companies (Corporate Governance, Enforcement and Regulatory Provisions) Act 2024 was signed into law. The majority - 64 out of 90 - of the Act’s provisions have come into force with effect from 3 December, following the commencement of S.I. No. 639/2024 Companies (Corporate Governance, Enforcement and Regulatory Provisions) Act 2024 (Commencement) Order 2024).
Irish court reaffirms need for transparency when seeking security for costs

Nov 8, 2024 | pinsentmasons.com | Lisa Carty |Aleesha Way |Andrew Mitchell

Lisa Carty, commercial litigation expert at Pinsent Masons, was commenting following a High Court judgment she said demonstrated how essential it is for a defendant to provide sufficient evidence of a valid defence to a plaintiff’s claim to succeed in an application for security for costs. Carty said: “It can be tempting to withhold important strategic information at such an early stage of the proceedings.
Irish ruling on FSPO decision is ‘significant’ for financial institutions

Oct 7, 2024 | pinsentmasons.com | Lisa Carty |Attila Bangha-Szabo

In a case between Ulster Bank and the FSPO (27-page / 339KB PDF), the bank appealed an FSPO decision involving two sets of the bank’s customers who had drawn down mortgage loans on tracker interest rates and then chose to switch their mortgages to a different non-tracker rate. Ulster Bank refused to return them to the original tracker rates and the customers complained to the FSPO, arguing that they had a contractual entitlement to the original tracker rate for the life of the loan.
Irish Central Bank tests for ‘fitness and probity’ clarified

Jul 22, 2024 | pinsentmasons.com | Lisa Carty |Adam Cain

The review was commissioned in the aftermath of the recent decision of the Irish Financial Services Appeals Tribunal in a court case between AB and the Central Bank of Ireland. That decision raised issues about the Central Bank’s handling of the F&P approval process including the fairness and transparency of the F&P interview process.
Central Bank clarifies application of Irish Individual Accountability Framework

Jul 12, 2024 | pinsentmasons.com | Lisa Carty

The clarification covers both the conduct standards and the senior executive accountability regime (SEAR) under the IAF (146 pages /1.5 MB), and has been published in the form of a frequently-asked-questions (FAQs) document. Lisa Carty, financial services expert at Pinsent Masons, described the FAQs document as “short but practical guidance” and said that it provides “helpful clarification for firms as to how the Central Bank expects the IAF to be applied in practice”.
Irish Central Bank offers transparency to financial firms submitting authorisation applications

Jul 10, 2024 | pinsentmasons.com | Lisa Carty |Attila Bangha-Szabo

The report (39 pages / 360 KB) provides a comprehensive overview of the Central Bank’s approach to authorising regulated entities and its role as a ‘gatekeeper’ to the Irish and European financial markets. This is the first edition of what will be an annual report which will provide information regarding the Central Bank’s approach to authorisation of regulated firms in Ireland.
Irish Central Bank issues proposed changes to consumer protection code

Mar 22, 2024 | pinsentmasons.com | Lisa Carty |Attila Bangha-Szabo

The Consultation Paper on Consumer Protection Code (96 pages / 1.98 MB) was published on 7 March and includes revisions to the general requirements of the CPC as well as the publication of the much-anticipated Standards for Business (also known as Business Standards), provided for under the Individual Accountability Framework (IAF).
Successful challenge raised to Irish Central Bank’s PCF interview process

Mar 14, 2024 | pinsentmasons.com | Lisa Carty |Aleesha Way |Attila Bangha-Szabo

The decision of the Irish Financial Services Appeals Tribunal (IFSAT) found that the Central Bank did not apply fair procedures during the interview and decision-making process for a PCF application under the fitness and probity regime. In light of this decision, the Central Bank has said that it intends to commission an independent review of the fitness and probity approval process.
Bill to bring pension complaints procedure in line with Irish Constitution

Feb 28, 2024 | pinsentmasons.com | Lisa Carty

The Irish government’s recently published Financial Services and Pensions Ombudsman (FSPO) (Amendment) Bill (10 pages / 585 KB) is intended to enhance the legal clarity of provisions within the Financial Services and Pension Ombudsman Act 2017 (65 pages / 615KB)The FSPO is an independent statutory body which investigates, mediates, and adjudicates unresolved consumer complaints about financial services firms and pension providers in Ireland.
CBI updates Individual Accountability Framework for Irish financial firms

Feb 23, 2024 | pinsentmasons.com | Lisa Carty |Attila Bangha-Szabo

The Central Bank of Ireland (CBI) has recently published updated regulations and updated guidance on the implementation of the Individual Accountability Framework (IAF) for staff at regulated financial firms. The Central Bank (Individual Accountability Framework) Act 2023 (82 pages/ 667 KB) was signed into law on 9 March 2023 and the updated regulations and guidance were published after a three-month industry consultation process on the implementation of the IAF.