Ireland’s regulatory authorities brought 2021 to an end with two statements of intent: a major fine levied on the Bank of Ireland and a “Dear CEO” letter requiring rapid action from Payment and E-Money institutions. Should financial services companies expect more change in the regulatory outlook for 2022?
In a recent webinar, fscom’s experts sought to identify the main trends and developments firms should prepare for in the coming year.
We have now pulled their insights into this report “Ten Key Trends to Watch in Ireland’s Regulatory Outlook for 2022”
The experts include:
- Jamie Cooke, Managing Director of fscom and Head of Investments.
- Alison Donnelly, Director, and Head of Payments.
- Phil Creed, Director, and Head of Financial Crime.
- Nick Gumbley, Associate Director, and Head of Cyber Security.
- Russell Burke, Independent Senior Consultant
They brought their knowledge and experience from across the financial services sector to identify the implications of upcoming regulatory activity for payment and e-money firms, cyber security, financial crime, innovative payment services, investments and more. This report dives deeper into each of these areas.
The takeaway for companies is that the Central Bank of Ireland (CBI) is likely to be more interventionist in 2022 in its aim to protect consumers and market confidence in the aftermath of the pandemic. The impact is that companies will need to ensure they can demonstrate compliance with the applicable regulations, and this report offers guidance on where to focus those efforts.
In a nutshell: fscom experts’ top advice for regulatory compliance in 2022
This report covers a wide range of regulations and trends across the sector, and companies may be feeling overwhelmed by their compliance to-do lists. So to help focus your efforts, we asked our webinar speakers for their one key piece of advice for the year ahead:
“Ireland is a great place for regulated payment providers; however you need to ensure you have a robust strong application to submit to the Central Bank because it expects high standards” – Russell Burke.
“Update your enterprise risk assessment with particular focus on conduct and culture – preparing for SEAR will take a lot of work and you can’t start it too early” – Jamie Cooke.
“Prepare your wind-up strategy: from our experience of helping firms in the UK with ‘wind-down’ plans, it takes longer than you’d think” – Alison Donnelly.
“Forward plan your resource requirements – in the future you will need a Head of Compliance and a MLRO, which are two separate PCF roles” – Phil Creed.
” Understand and document how your data is shared with third parties and how they meet your security requirements – this again links Operational Resilience to Cyber Resilience” – Nick Gumbley.
Download the FULL 2022 Ireland Regulatory Outlook Key Trends Report here today.