The Central Bank has recently published answers to various frequently asked questions (“FAQs”) on the requirement for all retail intermediaries to submit a return to the Central Bank.
On 26 June 2012, the Central Bank published FAQs on the reporting requirement imposed on all intermediaries authorised by or registered with the Central Bank under the Investment Intermediaries Act 1995 (the “1995 Act”), the Insurance Mediation Regulations 2005 or the Consumer Credit Act 1995.
The FAQs provide that all retail intermediaries authorised under the above statutes, including tied intermediaries, loss assessors and non-trading firms, must submit a return six months after their financial year-end. However, where a firm already reports to the Central Bank under an additional authorisation it does not need to submit such a return, for example, credit institutions, credit unions, MiFID firms and moneylenders are not required to submit a return.
The FAQs emphasise that while firms authorised under the 1995 Act are not required to submit hard copy audited accounts to the Central Bank, such firms must still have audited accounts prepared. Further, the FAQs set out that auditors of all firms authorised under the 1995 Act are required to complete a Statutory Duty Confirmation report which must be submitted by email to the Central Bank within one month of signing the audit report.
Finally, the FAQs provide specific guidance on the completion of the “General Information Form”, the “Financial Information Form” and the “Conduct of Business Form”.
The full text of the FAQs is available here.