Central Bank Guide to Voluntary Revocations
The Central Bank of Ireland has published a Guide to Voluntary Revocations dated November 2022. This follows the recent publication of the Central Bank's Application Form for Revocation of Authorisation/Registration.

 

The Central Bank of Ireland has published a Guide to Voluntary Revocations (Guide) dated November 2022. This follows the recent publication of the Central Bank's Application Form for Revocation of Authorisation/Registration (Revocation Form). 

The Revocation Form may be used by any of the following authorised or registered entities:

  • Investment Intermediary (IIA)
  • Mortgage Intermediary (CCA)
  • Mortgage Credit Intermediary (CMCAR)
  • Insurance, Ancillary Insurance or Reinsurance Intermediary (IDR)
  • Debt Management Firm (CBA 1997)
  • Credit Servicing Firm (CBA 1997)
  • Credit Retail Firm (CBA 1997)
  • Home Reversion Firm (CBA 1997)

A firm wishing to revoke its authorisation(s) or registration(s) will need to send a completed Revocation Form and any necessary supporting documentation to the Central Bank. The Central Bank will then assess the Revocation Form and may seek additional information before making a decision. The Revocation Form comprises 17 questions and a declaration, which must be signed by a director, partner or sole trader.

The Guide aims to help firms to complete the Revocation Form fully and accurately, noting that it is not an exhaustive checklist. 

Key Information 

Version. Firms must submit the most recent version of the Revocation Form (currently November 2022). The Central Bank recommends that to avoid using an outdated version; firms should take a copy of the Revocation Form directly from its revocation webpage.

Notice. Consumers must be given a minimum of two months prior notice of the firm's intention to revoke its authorisation(s)/registrations(s). This is a requirement under the Consumer Protection Code 2012. The Central Bank will only revoke the applicant's authorisation(s)/ registration(s) once the notice period is served.

Disclosures. The applicant must disclose any legal or regulatory issues relating to the firm and detail any complaints against it to the Financial Services and Pensions Ombudsman that may exist or arise in the future. Information on the firm's Professional Indemnity Insurance must also be provided.

Reason. The applicant must cite the grounds for the revocation application.
Confirmations. Several confirmations must be provided, including website de-activation, premium handling, client monies handling and deposit handling confirmations.

Declaration. A director, partner or sole trader must sign the Revocation Form. This includes circumstances where someone who does not hold one of these roles is submitting the Revocation Form (for example, a compliance consultant). 

Revocation is irrevocable. Once the revocation application is approved, reversal is not possible. However, revoked entities may apply to be re-authorised or re-registered.

Transfer of business. Where a firm plans to transfer its business book, it should only apply for a revocation once confident that the sale will take place before the revocation takes effect. This protects consumers from a situation where authorisation(s)/registration(s) have been revoked, but the sale of the business book has not been completed. 

Email. Once the Revocation Form is complete, it can be emailed in softcopy format to the Central Bank's revocation mailbox (revoke@centralbank.ie). Firms can also email this mailbox seeking guidance on completing the Revocation Form.

Completeness. Submission of incomplete Revocation Forms will prolong the application process. Where the Central Bank requires further clarity or information on a submitted Revocation Form, it will ask questions in an email to the applicant. The Central Bank must receive responses within 14 working days of comments issued, or the revocation application may be considered dormant and will not be progressed further. 

Please see the Central Bank website for further information on the revocations process (by selecting your industry/market sector and clicking Revocations Process).

 

Contributed by Jane Balfe