On 2 August, the Central Bank published its Regulatory Services Standards Performance Report (the Report) covering the first half of 2016. The Report outlines the Central Bank’s effectiveness in meeting its performance targets for the processing of Pre-Controlled Function (PCF) Individual Questionnaire (IQ) applications and the authorisation of funds and financial service providers. The Service Standards outline the relevant time limits of each of the regulatory processes. There are currently 40 Service Standards in place including insurance / reinsurance undertakings authorisations and fitness and probity service standards. The Service Standards were met or exceeded in 39 of the 40 targets set.
The Central Bank achieved its performance target of processing complete applications for (re)insurance authorisations within 6 months. It also achieved its target of processing 75% of applications within 3 months. 100% of incomplete applications were returned within 2 weeks of receipt. The Central Bank also had targets for processing IQ applications. Almost 85% of standard IQ applications were processed within 15 business days (12 business days where the individual applying was previously approved by the Central Bank or another EEA regulator). In almost 85% of cases a response was provided within 5 business days to the submitting entity where an IQ is incomplete. However the Central Bank cautions that these turnaround times do not apply where another regulator must be contacted or the applicant must be interviewed or the IQ is submitted in the context of an authorisation or an acquiring transaction. The Report also provides a helpful list of the main reasons why PCF IQs may be returned as incomplete. The list is unchanged from the list attached to the Report on the second half of 2015. Reasons given for returning applications include failing to provide a complete list of directorships/senior positions for the applicant in sections 6 and 9 of the IQ.
With effect from 1 July 2016, the Bank is introducing new Service Standards in relation to the handling of queries from financial service providers. The Service Standards Performance Report for H2 2016 will set out the Bank’s performance against these new Service Standards.
A link to the report can be found here.