During Q4 of 2012, the Central Bank carried out thematic reviews of administration firms to assess the approach to outsourcing and its inherent risks, compliance with specific Central Bank Outsourcing Requirements and to evaluate best practice in the industry. The Central Bank has now issued feedback: “Thematic Review Letter Available: Outsourcing of Fund Administration Activities in relation to Collective Investment Schemes" following the review. This identifies areas requiring enhancement, identifies incidents of non-compliance and makes a number of recommendations.