Legislation Update - Additional Powers For Central Bank

The Central Bank (Supervision and Enforcement) Act 2013 (the "Act") came into force on 1 August 2013. 

The Act strengthens the powers of the Central Bank to impose and supervise compliance with regulatory requirements. The Central Bank is provided with greater access to information and analysis, including the power to require financial service providers to commission an independent and objective report on any aspect of their business.

Additional powers afforded to the Central Bank include the following:

• Powers of the Central Bank to introduce customer redress schemes for problems such as overcharging or systems failures;
• The Central Bank may draft regulations and issue directions on a range of conduct-of-business areas, including consumer protection;