AUTHORIZATION

AUTHORIZATION

Investment Intermediaries
1. Deposit Agents
  1. 1 Bank Appointment in writing, CANT operate as Deposit Broker in the same Bank
  2. Arrange Deposits for consumers
2. Deposit Brokers
  1. 2 or more Banks
  2. Seek to make deposit in return to commission- fees- rewards
3. Deemed Authorised
  1. Automatically Authorised for ANY retail Financial Product
  2. Already acting as insurance intermediaries on 1 April 2001
    1. BEFORE April 2001
  3. RAIPIs Restricted Activity Investment Product Intermediaries
  4. need Agency Appointment with EACH Product Producer
4. Authorised under section 10
  1. Require authorization for EACH Financial Product
  2. Authorised granted /requested after 1 April 2001
    1. AFTER April 2001
  3. AUTHORISATION needed to Act as Insurance Intermediary
5. INVESTMENT INTERMEDIARY ACT 1995
6. CENTRAL BANK
  1. Prudential Requirements
    1. Obtain Approval
      1. if engaging in new financial services, or services that required amendments to initial authorisation
    2. NOTIFY
      1. Report Frauds, misappropriation
      2. Impending Legal actions in detail
      3. Changes
        new branch
        Subsidiary
        Legal name
        Trading name
        website address
        email
      4. Cease operations
    3. Hold Professional Indemnity Insurance
      1. €1.25 million per claim
      2. €1.85 million aggregate cover per annum
    4. prepare
      1. Annual audited account within 6 months
        compliance record 6 years
  2. AUTHORISED
    1. wider range of investments
7. Bonds
  1. Tracker Bonds
8. collective investments funds
  1. Unit Trust
  2. UCITS
9. PRSAs
  1. SHARES
10. Insurance Policies
11. Certified Persons
  1. Approved by CENTRAL BANK
    1. ICAI
    2. regulated by
      1. ACCA
      2. CPA
      3. incidental Manner
        no more than 20% Annual fee
  2. Accountants
12. MIFID Investment firms
  1. Clients FUNDS and ASSETS
    1. PORTFOLIO MANAGEMENTS
      1. BUY AND SELL INVESTMENTS
  2. contract for difference CFDs
  3. OPTIONS
  4. SWAPS
  5. other DERIVATIVES
  6. AUTHORISATION needed as Insurance Intermediary
MORTGAGE CREDIT Intermediaries
1. Insurance Intermediaries
  1. Mortgage Intermediaries
    1. Credit Intermediaries
      1. GARAGE
        CAR FINANCE
      2. SHOPS
      3. \LETTING OFF GOODS IN RETURN FOR: commis, letting of goods, payment of other considerations
      4. AUTHORISED
        COMPETITION AND CONSUMER PROTECTION COMMISION
        CCPC
    2. LiCENSED
      1. CONSUMER CREDIT ACT 1995
    3. HOUSING LOAN
      1. Purchase
      2. iMPROVE
      3. BUILT
      4. REFINANCE
    4. Authorised
      1. CENTRAL BANK
    5. is a person (other than a mortgage lender or credit institution) who, in return for commission or some other form of consideration:
      1. arranges, or offers to arrange, for a mortgage lender to provide a consumer with a housing loan
        loan which falls outside the scope of the European Union (Consumer Mortgage Credit Agreements) Regulations (such as equity release products)
        Introduces Consumer to Intermediaries
    6. Minimum Competency Code
      2. a) have completed a recognised qualification: • Qualified Financial Adviser (QFA), • Accredited Product Adviser (Loans), • Professional Certificate in Mortgage Practice (formerly the Mortgage Diploma, Certificate/Specialist Certificate in Mortgage Practice), • Certified Insurance Practitioner plus QFA loans
        b) Be a grandfathered person, or c) be a new entrant participating in a training process under the supervision of a qualified or grandfathered person. And in the case of a) and b), be compliant with the CPD requirements.
  2. CENTRAL BANK
    1. European Communities (Insurance Mediation) Regulation 2005
    2. REQUIRED
      1. Professional Indemnity Insurance
        €1.85 million aggregate per annum
        €1.25 million per Claim
        RING FENCED
        for EACH activity
  3. Insurance Agent
    1. no more than 4 Insurer
      1. Hold Agency Appintments
      2. Separate Status for Life & General Insurance
  4. Insurance Broker
    1. 5 Insurer
  5. Tied Insurance Agent
    1. 1 Insurer
  6. Life Assurance EMPLOYEES
    1. DONOT need Authorisation from Central Banks
      1. Employer had accepted FULL RESPONSIBILITY for their insurance actions
  7. Tied Agent of Life Assurance Company
2. conclude credit agreements with consumers on behalf of the creditor
3. Authorised
  1. EUROPEAN UNION (CONSUMER MORTGAGE CREDIT AGREEMENT) REGULATION 2016
  2. CENTRAL BANK
4. Present or OFFER CREDIT AGREEMENTS to consumers
5. Assist Consumers UNDERTAKE preparatory work
  1. pre contractual administration in respect of credit agreement
6. Mortgage Credit Intermediaries may also be authorised to provide advisory services (i.e. the provision of personal recommendations to a consumer in respect of one or more transactions relating to credit agreements)
provide advised on RETAIL FINANCIAL PRODUCTS
1. Life Assurance Policies
2. Pension arrangements
3. Savings and Investments
4. Personal General Insurance
5. Private Medical Insurance & Associated Insurance
6. Housing loans, Home Reversion Arrangement & Associated Insurances
7. Consumer Credit Agreements & Associated Insurances
8. FINANCIAL ADVISOR
  1. Must Comply with Minimum Competency code
    1. will comply ONLY if
      1. Undergoes relevant recognised training program or get part recognised qualification
      2. Act under Supervision of a qualified person
      3. Working towards getting a recognised qualification
      4. Obtain the recognised qualification within 4 years
PRODUCT PRODUCERS
1. FINANCIAL INSTITUTIONS
2. GENERAL INSURANCE COMPANIES
3. INVESTMENT MANAGER
4. PRODUCE PRODUCTS FOR CONSUMERS
5. LIFE ASSURANCE COMPANIES
6. GRANT AGENCY APPOINTMENTS IN WRITING TO AUTHORISE INTERMEDIARIES
7. CENTRAL BANK
  1. REQUIRED
    1. MAINTAIN REGISTER OF APPOINTED INTERMEDIARIES
    2. PROVIDE the central bank with details of registered agency appointments
    3. ONLY allowed to accept money, application from AUTHORISED appointed agencies
    4. under CONSUMER PROTECTION CODE
      1. Must PROVIDE
        Product key charasteristis
        target market of consumer
        nature and extent of the risk
        level, nature, extent and limitations of any guarantee attathing to the product
        N/A to Deposits /life assurance policy
  2. MAINTAINS register
    1. Investment Products Intermediaries Section 31 Register
  3. CENTRAL BANK
8. INVESTMENT intermediaries acting as product producers
  1. minimum solvency €50k
MAIN REGULATOR
1. CENTRAL BANK
2. FINANCIAL SERVICE REGULATIONS
  1. STRUCTURAL
    1. AUTHORISATION
      1. Once Authorised firms will
        Free to conduct bussiness in other EU State
        FREEDOM OF SERVICES
        Free to open a branch in other EU state
        FREEDOM OF ESTABLISHMENT
  2. SYSTEMIC
    1. Minimise Risk to the Overall Financial System
      1. CREATE EARLE WARNING SYSTEMS AND INFORMATION NETWORKS
  3. PRUDENTIAL
    1. Solvency and Liquidity
      1. Aims to establish compliance with rules to ensure solvency, liquidity and ability to meet their financial obligations to their customers
  4. CONDUCT OF BUSINESS
    1. consumer protection
      1. Aims to establish there n for consumers dealing with financial service firms
        Specifies certain procedures, disclosure of information and competency requirements that MUST be followed by a firm
STRUCTURAL REGULATION
1. COVERS INITIAL AUTHORIZATION PROCESS
  1. ENSURE THAT ONLY THOSE FIRMS
    1. WITH SUFFICIENT FINANCIAL STANDING
    2. INTEGRITY, COMPETENCE AND EXPERIENCE
      1. can set up financial firms
2. Responsibility of Home member State

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	Created by MARTHA MADRIZ over 6 years ago