Central Bank (Supervision and Enforcement) Act 2013

AN ACT TO FURTHER PROVIDE FOR THE REGULATION AND SUPERVISION OF FINANCIAL SERVICE PROVIDERS AND FINANCIAL SERVICES; TO FURTHER PROVIDE FOR THE ENFORCEMENT OF FINANCIAL SERVICES LEGISLATION; TO PROVIDE FOR THE PROTECTION OF PERSONS REPORTING BREACHES; FOR THOSE AND OTHER PURPOSES TO PROVIDE FOR AMENDMENTS TO, AND TO FURTHER AMEND AND EXTEND, THE CENTRAL BANK ACTS 1942 TO 2012 AND CERTAIN OTHER ACTS AND STATUTORY INSTRUMENTS, AND TO PROVIDE FOR RELATED MATTERS.

[11th July, 2013]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

PART 1 Preliminary

1. Short title, collective citation and construction.

1.— (1) This Act may be cited as the Central Bank (Supervision and Enforcement) Act 2013.

• (2) The Central Bank Acts 1942 to 2012 and this Act (other than section 5, in so far as it relates to Schedules 3 and 4, and sections 75 to 78, 80 to 87 and 89 to 94) may be cited together as the Central Bank Acts 1942 to 2013 and shall be construed together.

2. Commencement.

2.— (1) This Act comes into operation on such day or days as the Minister may appoint by order or orders either generally or with reference to a particular purpose or provision or class of person and different days may be so appointed for different purposes or different provisions or different classes of person.

• (2) An order under subsection (1) may, in respect of the repeal of certain Acts to the extent specified in Part 1 of Schedule 1 and the revocation of certain statutory instruments to the extent specified in Part 2 of that Schedule, effected by section 4, appoint different days for the repeal of different provisions of the Acts so specified or the revocation of different provisions of the statutory instruments so specified and for such repeal or revocation, as the case may be, for different purposes of any such provision.

• (3) An order under subsection (1) may, in respect of the amendment of Acts and statutory instruments set out in Schedules 2, 3 and 4, effected by section 5, appoint different days for the amendment of different Acts or statutory instruments or different provisions of them.

3. Interpretation.

3.— (1) In this Act—

“Act of 1942” means the Central Bank Act 1942;

“authorisation” means an authorisation, licence or any other permission required to carry on business as a regulated financial service provider granted by the Bank pursuant to any provision of financial services legislation, and includes registration;

“authorised officer” means a person appointed by the Bank under section 24 to be an authorised officer;

“contravene” includes fail to comply, and also includes—

• (a) attempting to contravene,

• (b) aiding, abetting, counselling or procuring a person to commit a contravention,

• (c) inducing, or attempting to induce, a person (whether by threats or promises or otherwise) to commit a contravention,

• (d) being (directly or indirectly) knowingly concerned in, or a party to, a contravention, and

• (e) conspiring with others to commit a contravention;

F1["customer", in relation to a regulated financial service provider, means—

• (a) any person to whom the regulated financial service provider provides or offers financial services,

• (b) any person who requests the provision of financial services from the regulated F2[financial service provider,]

• (c) a relevant borrower in a case where the regulated financial service provider undertakes credit servicing in respect of the F2[credit agreement concerned, or]

• F3[(d) a hirer in a case where the regulated financial service provider undertakes credit servicing in respect of the consumer-hire agreement or hire-purchase agreement concerned,]

and includes a potential customer and a former customer;]

F4["financial holding company" has the same meaning as it has in the European Union (Capital Requirements) Regulations 2014 (S.I. No. 158 of 2014);]

“financial services legislation” means—

• (a) the designated enactments,

• (b) the designated statutory instruments, and

• (c) the Central Bank Acts 1942 to 2013 and statutory instruments made under those Acts;

“Minister” means the Minister for Finance;

F4["mixed financial holding company" has the same meaning as it has in the European Union (Capital Requirements) Regulations 2014;]

“prescribed contravention” has the same meaning as in section 33AN of the Act of 1942;

“regulated market” has the same meaning as in Regulation 3 of the European Communities (Markets in Financial Instruments) Regulations 2007 (S.I. No. 60 of 2007);

“related undertaking”, in relation to a person (“the first-mentioned person”), means—

• (a) if the first-mentioned person is a company, another company that is related within the meaning of section 140(5) of the Companies Act 1990,

• (b) a partnership of which the first-mentioned person is a member,

• (c) if the businesses of the first-mentioned person and another person have been so carried on that the separate business of each of them, or a substantial part thereof, is not readily identifiable, that other person,

• (d) if the decision as to how and by whom the businesses of the first-mentioned person and another person shall be managed can be made either by the same person or by the same group of persons acting in concert, that other person,

• (e) a person who performs a specific and limited purpose by or in connection with the business of the first-mentioned person, or

• (f) if provision is required to be made for the first-mentioned person and another person in any consolidated accounts compiled in accordance with the Seventh Council Directive 83/349/EEC of 13 June 1983 ¹, that other person.

• F5[(1A) For the purposes of paragraph (c) of the definition of "customer" in subsection (1) "relevant borrower", "credit servicing" and "credit agreement" have the same meaning as in section 28 of the Central Bank Act 1997.]

• (2) References in this Act to a regulated financial service provider, or a related undertaking, shall, unless the context otherwise requires, be read as including a person who was a regulated financial service provider, or a related undertaking, at the relevant time.

• (3) A word or expression used in this Act and also in the Act of 1942, unless the contrary intention appears, has the same meaning in this Act as in the Act of 1942.

4. Repeals and revocations.

4.— (1) The Acts specified in Part 1 of Schedule 1 are repealed to the extent specified in column (4) of that Part.

• (2) The statutory instruments specified in Part 2 of Schedule 1 are revoked to the extent specified in column (4) of that Part.

5. Amendments.

5.— (1) The Central Bank Acts are amended to the extent specified in column (3) of Parts 1 to 5 of Schedule 2.

• (2) The Acts specified in Parts 1 to F6[4] of Schedule 3 are amended to the extent specified in column (3) of each such Part.

• (3) The statutory instruments specified in Parts 1 to F6[4] of Schedule 4 are amended to the extent specified in column (3) of each such Part.

• (4) The amendment of a statutory instrument by subsection (3) does not prevent or restrict the subsequent amendment or revocation of the instrument by another statutory instrument.

6. Savings and transitional provisions.

6.— (1) A person who was an authorised officer, by whatever name called, appointed under the provisions of any enactment repealed or revoked by this Act immediately before the coming into operation of the repeal or revocation concerned is taken to have been appointed under Part 3.

• (2) Anything done by a person who was an authorised officer, by whatever name called, appointed under the provisions of any enactment repealed or revoked by this Act immediately before the coming into operation of the repeal or revocation concerned shall be treated after the coming into operation of the repeal or revocation as done under this Act by an authorised officer appointed under Part 3.

• (3) Any information gathered, or any other thing done, under the provisions of any enactment repealed or revoked by this Act is to be treated after the coming into operation of the repeal or revocation as if done under any provision of this Act under which it could have been done had the provision been in force at the time in question.

PART 2 Provision of Report to Bank

7. F7[Interpretation (Part 2).

7.—(1) In this Part—

"reviewee" shall be read in accordance with section 8;

"reviewer" shall be read in accordance with section 11.

• (2) In this Part—

• (a) a reference to a financial service provider shall include a reference to a financial holding company or a mixed financial holding company, and

• (b) a reference to a regulated financial service provider shall include a reference to a financial holding company or a mixed financial holding company.]

8. Persons to whom this Part applies.

8.— The following are reviewees for the purposes of this Part:

• (a) a regulated financial service provider;

• (b) a related undertaking of a regulated financial service provider.

9. Giving of notice to reviewee to provide a report.

9.— (1) The Bank may for the purposes of the proper and effective regulation of financial service providers and having regard to the matters set out in section 10, by notice in writing given to a reviewee, require the reviewee to provide to the Bank, in accordance with such notice, a report on any matter specified in the notice about which the Bank has required or could require the provision of information, or the production of documents, under any provision of financial services legislation.

• (2) A notice under subsection (1) shall be in writing and shall state—

• (a) the date on which the notice was given,

• (b) the period within which the reviewee shall nominate a person to the Bank for approval under section 11,

• (c) the purpose of the report,

• (d) the scope of the report,

• (e) the timetable for completion of the report,

• (f) the matters required to be reported on,

• (g) whether the report is to include recommendations,

• (h) the form of the report,

• (i) where appropriate, the methodology to be used in the preparation of the report, and

• (j) such other matters relating to the report as the Bank considers appropriate.

10. Matters to which Bank shall have regard before giving notice under section 9.

10.— Before giving a notice under section 9, the Bank, taking account of the purposes for which the report is required, shall have regard to at least the following matters—

• (a) whether any other powers that may be available to the Bank under any provision of financial services legislation may be more appropriate in the circumstances concerned,

• (b) the relevant knowledge and expertise available to the reviewee, and

• (c) the cost implications for the reviewee of providing the report, the resources available to the reviewee and the benefit to the reviewee of providing the report.

11. The reviewer.

11.— (1) A report required to be provided to the Bank under this Part shall be prepared by a person (in this Part referred to as the “reviewer”)—

• (a) nominated by the reviewee, within such period as is specified in the notice given under section 9, and approved by the Bank, or

• (b) nominated by the Bank, where no person is nominated by the reviewee within the period specified in the notice under section 9 or the Bank is not satisfied with the person so nominated.

• (2) The reviewer shall be a person appearing to the Bank to have the skills relating to the business of the reviewee necessary to prepare an objective report on the matters concerned and, without prejudice to the generality of the foregoing, may be an auditor, actuary, accountant, lawyer or any other person with relevant business, technical or technological skills employed or otherwise engaged by the reviewee.

• (3) When considering whether to approve a nomination under subsection (1)(a) or make a nomination under subsection (1)(b), the Bank shall have regard to the circumstances giving rise to the requirement for a report and whether the person it proposes to so approve or nominate appears to have—

• (a) the competence and capabilities necessary to prepare the report on the matter concerned,

• (b) the ability to complete the report within the period specified by the Bank in the notice given under section 9,

• (c) any relevant specialised knowledge, including specialised knowledge of the reviewee, the nature of the business carried on by the reviewee and the matters to be reported on,

• (d) any potential conflict of interest in reviewing the matters to be reported on, including any arising from the fact that the matters may raise questions relating to the quality or reliability of work previously carried out by the proposed reviewer,

• (e) sufficient detachment, having regard to any existing professional or commercial relationship, to give an objective opinion, and

• (f) previous experience in preparing reports under this Part or reports of a similar nature.

• (4) Where the Bank approves a nomination under subsection (1)(a) or makes a nomination under subsection (1)(b) it shall notify the reviewee, in writing, accordingly.

12. Contract with reviewer.

12.— (1) Where a reviewer is approved or nominated by the Bank under section 11, the reviewee shall enter into a contract with the reviewer.

• (2) It shall be a term of the contract referred to in subsection (1)—

• (a) that the reviewer is required to prepare for the reviewee a report in accordance with the notice given under section 9,

• (b) that any duty owed by the reviewer to the reviewee which might limit the provision of information or opinion by the reviewee to the reviewer in preparing a report under this Part shall be waived,

• (c) that the reviewer is required and permitted to provide to the Bank the following where the Bank so requests—

• (i) periodic updates on progress and issues arising,

• (ii) interim reports,

• (iii) documents and working papers,

• (iv) copies of any draft reports given to the reviewee, and

• (v) specific information about the planning and progress of the work to be undertaken (which may include project plans, progress reports including the amount of work completed, details of time spent, costs to date and details of any significant findings and conclusions),

• (d) that the contract is governed by the law of the State,

• (e) that—

• (i) the Bank has the right to enforce the provisions included in the contract under this subsection,

• (ii) in proceedings brought by the Bank for the enforcement of the provisions referred to in subparagraph (i) the reviewer is not to have available by way of defence, set-off or counterclaim any matter that is not relevant to those provisions,

• (iii) if the contract includes an arbitration agreement, the Bank is not, in exercising the right specified in subparagraph (i), to be treated as a party to, or bound by, the arbitration agreement, and

• (iv) the provisions included in the contract under this subsection are irrevocable and may not be varied or rescinded without the Bank’s prior consent in writing,

and

• (f) that the contract is not varied or rescinded in such a way as to extinguish or alter the provisions included in the contract under this subsection.

• (3) If the Bank considers it appropriate, it may request the reviewee to give to the Bank a copy of the draft contract before it is made with the reviewer and the Bank may require such modifications to the draft contract as it considers appropriate.

13. Cost of report.

13.— The costs of and incidental to the preparation of a report under this Part shall be borne by the reviewee.

14. Assisting the reviewer.

14.— (1) A reviewee shall give all such assistance to a reviewer as he or she may reasonably require for the purposes of the preparation of a report under this Part.

• (2) A person who is providing or who at any time has provided services to a reviewee in relation to any matter on which a report is required to be given under this Part shall give all such assistance to a reviewer as he or she may reasonably require for the purposes of the preparation of the report.

15. Duty of reviewee to ensure performance of reviewer’s functions.

15.— A reviewee shall take such steps as are reasonably necessary to ensure that a reviewer performs his or her functions under this Part in accordance with the terms of his or her contract.

16. Reviewer to provide explanation to the Bank.

16.— A reviewer shall, where requested by the Bank, in such form and within such period as the Bank may specify, provide an explanation of all or any part of a report under this Part or the recommendations, if any, made in the report, or of such other matters relating to the report as the Bank considers appropriate.

17. Bank not bound by report nor liable for it.

17.— (1) The Bank shall not be bound by the content of a report under this Part and such a report shall not be taken to be a decision or opinion of the Bank for any purpose.

• (2) The adoption by a reviewee or any other person of a course of action recommended or described in a report under this Part does not represent an endorsement or approval of that course of action by the Bank.

• (3) The Bank shall not be liable for any acts or omissions of a reviewer or reviewee relating to a report under this Part.

18. Offence of providing false information to a reviewer.

18.— A person who—

• (a) obstructs or impedes a reviewer in the preparation of a report under this Part,

• (b) in relation to the preparation of a report under this Part, gives information to a reviewer that the person knows to be false or misleading in a material respect, or

• (c) is a reviewer and in relation to the preparation of a report under this section gives information to the Bank which the reviewer knows to be false or misleading in a material respect,

commits an offence and is liable—

• (i) on summary conviction, to a class A fine or imprisonment for a term not exceeding 12 months, or both, or

• (ii) on conviction on indictment, to a fine not exceeding €250,000 or imprisonment for a term not exceeding 5 years, or both.

19. Bank may apply to High Court for an order.

19.— (1) Subject to subsection (2), where the Bank is of the opinion that a person has failed or is failing to comply with any condition or requirement imposed by this Part or by the terms of a contract referred to in section 12(1), the Bank may apply to the High Court for an order enforcing the obligations of that person under this Part or under the terms of such a contract.

• (2) Where the Bank is of the opinion that a regulated financial service provider has failed or is failing to comply with a condition or requirement imposed by this Part the Bank may give a direction under section 45.

20. Guidelines for reviewees and reviewers.

20.— (1) The Bank may publish, in such form and manner as it considers appropriate, guidelines for the purpose of providing practical guidance for reviewees and reviewers relating to the application and operation of this Part.

• (2) The guidelines may include different provisions in respect of different classes of reviewee or reviewer.

PART 3 Information, etc.

Chapter 1 Introductory

21. Persons to whom this Part applies.

21.— (1) The following are persons to whom this Part applies (whether they are within or outside the State):

• (a) a regulated financial service provider;

• (b) a person who has applied for an authorisation but whose application has not been determined;

• (c) a person whom the Bank or an authorised officer reasonably believes is or has been a regulated financial service provider or is or has been acting as, or claiming or holding itself out to be, a regulated financial service provider;

• (d) a person who is or has been, or whom the Bank or an authorised officer reasonably believes is or has been, without an authorisation, providing a financial service in respect of which an authorisation is required;

• (e) a related undertaking of any of the persons referred to in any of the preceding paragraphs;

• (f) any person whom the Bank or an authorised officer reasonably believes may possess or have control of information about—

• (i) a financial service, or

• (ii) an investment, security or other financial instrument which is, or is to be, admitted to trading under the rules and systems of a regulated market or an equivalent system operating under the law of a territory other than the State;

• (g) any other person whom the Bank or an authorised officer reasonably believes may possess information about a person referred to in any of the preceding paragraphs;

• (h) a person who is, in relation to a person referred to in any of the preceding paragraphs, a person mentioned in subsection (2);

• (i) a person who is or has been an officer or employee or agent of a person referred to in any of the preceding paragraphs or is, in relation to a person who is or has been such an officer, employee or agent, a person mentioned in subsection F8[(2);]

• F9[(j) a special manager or administrator, within the meaning of the European Union (Bank Recovery and Resolution) Regulations 2015 (S.I. No. 289 of 2015), appointed in accordance with those F10[Regulations;]]

• F11[(k) a financial holding company;

• (l) a mixed financial holding F12[company;]]

• F13[(m) subject to subsection (4), a holding company within the meaning of Part 3 of the Central Bank Reform Act 2010.]

• (2) The persons referred to in subsection (1)(h) and (i) are—

• (a) an administrator within the meaning of section 1(1) of the Insurance (No. 2) Act 1983,

• (b) an administrator within the meaning of section 2 of the Investor Compensation Act 1998,

• (c) a person appointed as an administrator of a credit union by virtue of section 137 of the Credit Union Act 1997 or appointed to act as a provisional administrator of a credit union by virtue of section 138 of that Act,

• (d) a special manager appointed pursuant to the Credit Institutions (Stabilisation) Act 2010,

• (e) a special manager appointed pursuant to the Central Bank and Credit Institutions (Resolution) Act 2011,

• (f) an examiner, liquidator, receiver or official assignee, and

• (g) a person with functions corresponding to those of any of the persons within the preceding paragraphs under the law of a territory other than the State.

• (3) In subsection (1)(i) “agent”, in relation to a person referred to in subsection (1)(a) to (h), includes a past (as well as a present) agent and includes the person’s banker, accountant, solicitor, auditor and financial or other adviser.

• F13[(4) In the case of a person referred to in paragraph (m) of subsection (1) (and not in any other paragraph of that subsection), this Part applies only for the purpose of the performance by the Bank of functions under Part 3 of the Central Bank Reform Act 2010.]

Chapter 2 Bank’s power to gather information, etc.

22. Power of Bank to require information, records, plans, etc.

22.—F14[(1) Where it is necessary to do so for the purpose of the performance of—

• (a) the Bank’s functions under financial services legislation relating to the proper and effective regulation of F15[financial service providers, financial holding companies or mixed financial holding companies, F16or, subject to section 21(4), any other holding company within the meaning of Part 3 of the [Central Bank Reform Act 2010] or]

• (b) to the extent that any element of the function conferred on the Bank by section 8 of the Central Bank (National Claims Information Database) Act 2018 does not fall within the description of its functions contained in paragraph (a), that element of the function conferred on it by that section 8,

the Bank may, by notice in writing given to a person to whom this Part applies, require the person—

• (i) to provide to the Bank the information specified in the notice,

• (ii) to provide to the Bank the records so specified, or

• (iii) to prepare and provide to the Bank the forecasts, plans, accounts or other documents so specified.]

• (2) A person on whom a requirement is imposed under subsection (1) shall comply with the requirement—

• (a) at such time or times, or within such period, as may be specified in the notice or in a further notice given by the Bank, and

• (b) at such place as may be so specified.

• (3) The Bank may require that information, records or other documents provided in compliance with a requirement under subsection (1) be certified or attested as to their authenticity or correctness in such manner as the Bank may reasonably require, including by statutory declaration.

• (4) The Bank may take copies of, or extracts from, any records or other documents provided in compliance with a requirement under subsection (1).

• (5) This section does not limit any other power of the Bank to require the provision of information or records or the preparation and provision of documents.

23. Form of information, etc.

23.— (1) The Bank may require that information, records or other documents provided in response to a requirement under section 22(1) be provided in such form and manner as the Bank may reasonably require.

• (2) A person who fails to provide any information, records or other documents in the form reasonably required by the Bank shall be treated as not having provided it or them in compliance with the requirement.

Chapter 3 Authorised officers

24. Appointment of authorised officers.

24.— (1) Where it is necessary to do so for the purpose of the performance by the Bank of its functions under financial services legislation relating to the proper and F17[effective regulation of financial service providers, financial holding companies or mixed financial holding companies,] F18or, subject to section 21(4), any other holding company within the meaning of Part 3 of the [Central Bank Reform Act 2010] the Bank may appoint any of its officers or employees or other suitably qualified persons to be authorised officers and to exercise any of the powers conferred by this Chapter.

• (2) The Bank may revoke any appointment made by it under subsection (1).

• (3) An appointment or revocation under this section shall be in writing.

• (4) A person’s appointment by the Bank as an authorised officer ceases on the earliest of—

• (a) the revocation by the Bank of the appointment,

• (b) in a case where the appointment is for a specified period, the expiration of the period,

• (c) the person's resignation from the appointment, and

• (d) in the case where the person is an officer or employee of the Bank—

• (i) the resignation of the person as an officer or employee of the Bank, or

• (ii) the termination of the person's employment with the Bank, or when the person's term of office ceases, for any reason.

• (5) Whenever requested to do so by the Bank, an authorised officer shall give to the Bank a report on the exercise by him or her of all or any of the powers conferred on an authorised officer by this Chapter.

• (6) In this section “suitably qualified person” means any person (other than an officer or employee of the Bank) who, in the opinion of the Bank, has the qualifications and experience necessary to exercise the powers conferred on an authorised officer by this Chapter.

25. Warrant of appointment.

25.— Every authorised officer appointed by the Bank shall be furnished with a warrant of his or her appointment, and when exercising a power conferred by this Chapter shall produce such warrant or a copy of it, together with a form of personal identification, for inspection if requested to do so by a person affected by the exercise of the power.

26. Power of authorised officer to enter premises.

26.— (1) Subject to subsection (2), an authorised officer may at all reasonable times enter any premises—

• (a) which the authorised officer has reasonable grounds to believe are or have been used for, or in relation to, the business of a person to whom this Part applies, or

• (b) at, on or in which the authorised officer has reasonable grounds to believe that records relating to the business of a person to whom this Part applies are kept.

• (2) An authorised officer shall not enter a dwelling, otherwise than—

• (a) with the consent of the occupier, or

• (b) pursuant to a warrant under section 28.

• (3) In this Chapter “premises” includes vessel, aircraft, vehicle and any other means of transport, as well as land and any other fixed or moveable structure.

27. Powers of authorised officer.

27.— (1) An authorised officer may do any one or more of the following:

• (a) search and inspect premises entered under section 26 or pursuant to a warrant under section 28;

• (b) require a person to whom this Part applies who apparently has control of, or access to, records, to provide the records;

• (c) summon, at any reasonable time, a person to whom this Part applies—

• (i) to give to the authorised officer such information as the authorised officer may reasonably require,

• (ii) to provide to the authorised officer any records which the person has control of, or access to, and which the authorised officer may reasonably require, or

• (iii) to provide an explanation of a decision, course of action, system or practice or the nature or content of any records provided under this section;

• (d) inspect records so provided or found in the course of searching and inspecting premises;

• (e) take copies of or extracts from records so provided or found;

• (f) subject to subsection (3), take and retain records so provided or found for the period reasonably required for further examination;

• (g) secure, for later inspection, any records so provided or found and any data equipment, including any computer, in which those records may be held;

• (h) secure, for later inspection, premises entered under section 26 or pursuant to a warrant under section 28, or any part of such premises, for such period as may reasonably be necessary for the purposes of the exercise of his or her powers under this Chapter, but only if the authorised officer considers it necessary to do so in order to preserve for inspection records that he or she reasonably believes may be kept there;

• (i) require a person to whom this Part applies to answer questions and to make a declaration of the truth of the answers to those questions;

• (j) require a person to whom this Part applies to provide an explanation of a decision, course of action, system or practice or the nature or content of any records;

• (k) require a person to whom this Part applies to provide a report on any matter about which the authorised officer reasonably believes the person has relevant information;

• (l) if a person to whom this Part applies who is required to provide a particular record is unable to provide it, require the person to state, to the best of that person's knowledge and belief, where the record is located or from whom it may be obtained;

• (m) require that any information given to an authorised officer under this Chapter is to be certified as accurate and complete by such person or persons and in such manner as the Bank or the authorised officer may require.

• (2) Where records are not in legible form, an authorised officer, in the exercise of any of his or her powers under this Chapter, may—

• (a) operate any data equipment, including any computer, or cause any such data equipment or computer to be operated by a person accompanying the authorised officer, and

• (b) require any person who appears to the authorised officer to be in a position to facilitate access to the records stored in any data equipment or computer or which can be accessed by the use of that data equipment or computer to give the authorised officer all reasonable assistance in relation to the operation of the data equipment or computer or access to the records stored in it, including—

• (i) providing the records to the authorised officer in a form in which they can be taken and in which they are, or can be made, legible and comprehensible,

• (ii) giving to the authorised officer any password necessary to make the records concerned legible and comprehensible, or

• (iii) otherwise enabling the authorised officer to examine the records in a form in which they are legible and comprehensible.

• (3) Where the Bank or an authorised officer proposes to retain, pursuant to this section, any records taken by the authorised officer under subsection (1) for a period longer than 14 days after the date on which the records are taken, the Bank or the authorised officer shall, before the end of that period of 14 days, or such longer period as the person concerned may agree, furnish, on request, a copy of the records to the person who it appears to the Bank or the authorised officer, but for the exercise of the powers under this section, is entitled to possession of it.

• (4) A person to whom this Part applies shall give to an authorised officer such assistance as the authorised officer may reasonably require and make available to the authorised officer such reasonable facilities as are necessary for the authorised officer to exercise his or her powers under this Chapter including such facilities for inspecting and taking copies of any records as the authorised officer reasonably requires.

• (5) Subject to any warrant issued under section 28, an authorised officer may be accompanied, and assisted in the exercise of the officer’s powers under this Chapter, by such other authorised officers, members of the Garda Síochána or other persons as the authorised officer reasonably considers appropriate.

• (6) An authorised officer may require a person to provide him or her with his or her name and address where—

• (a) the authorised officer has reasonable grounds for believing that the person—

• (i) is committing or has committed an offence under financial services legislation,

• (ii) is committing or has committed a prescribed contravention, or

• (iii) has deliberately concealed or destroyed evidence, or is deliberately concealing or destroying evidence, or is likely to deliberately conceal or destroy evidence, of such an offence or a prescribed contravention,

or

• (b) the authorised officer has reasonable grounds for requiring such information for the purpose of applying for a warrant under this Chapter.

28. Warrant required to enter premises.

28.— (1) Without prejudice to the powers conferred on an authorised officer by or under any other provision of this Chapter, if a judge of the District Court is satisfied on the sworn information of the authorised officer that there are reasonable grounds for believing that records are to be found on, at or in any premises, the judge may issue a warrant authorising an authorised officer accompanied by such other authorised officers or members or the Garda Síochána as may be necessary, at any time or times within the period of validity of the warrant, on production, if so requested, of the warrant—

• (a) to enter the premises specified in the warrant, if need be by reasonable force, and

• (b) to exercise the powers conferred on authorised officers by this Chapter or such of those powers as are specified in the warrant.

• (2) The period of validity of a warrant shall be 1 month from its date of issue but that period of validity may be extended in accordance with subsections (3) and (4).

• (3) The authorised officer may, during the period of validity of a warrant (including such period as previously extended under subsection (4)), apply to a judge of the District Court for an order extending the period of validity of the warrant and such an application shall be grounded upon information on oath laid by the authorised officer stating, by reference to the purpose or purposes for which the warrant was issued, the reasons why the authorised officer considers the extension to be necessary.

• (4) If the judge of the District Court is satisfied that there are reasonable grounds for believing, having regard to that information so laid, that further time is needed so that the purpose or purposes for which the warrant was issued can be fulfilled, the judge may make an order extending the period of validity of the warrant by such period as, in the opinion of the judge, is appropriate and just; and where such an order is made, the judge shall cause the warrant to be suitably endorsed to indicate its extended period of validity.

• (5) Nothing in the preceding subsections prevents a judge of the District Court from issuing, on foot of a fresh application made under subsection (1), a further search warrant under this section in relation to the same premises.

29. Authorised officer may attend meetings.

29.— (1) An authorised officer may attend any meeting relating to F19[the business of a regulated financial service provider, a financial holding company or a mixed financial holding company] if the authorised officer considers that it is necessary to attend in order to assist the Bank in the performance of any of its functions under financial services legislation.

• (2) The attendance of an authorised officer pursuant to subsection (1) at a meeting referred to in that subsection does not in any circumstances limit the powers of the authorised officer or of the Bank.

Chapter 4 Supplementary

30. Provision of information, record or other document not to be treated as breach or to affect lien.

30.— (1) The provision to the Bank or an authorised officer of any information, record or other document by a person under this Part shall not be treated, for any purpose, as a breach of any restriction under any enactment or rule of law on provision by the person or any other person on whose behalf the information, record or other document is provided.

• (2) Where a person required under this Part to provide a record or other document claims a lien on it, the provision of it shall be without prejudice to the lien.

31. Failure to comply with a requirement.

31.— (1) If any person to whom this Part applies fails or refuses to comply with a requirement imposed by the Bank or an authorised officer under this Part, the Bank or the authorised officer may certify the failure or refusal to the High Court.

• (2) When the Bank or an authorised officer certifies a failure or refusal referred to in subsection (1) to the High Court, the High Court may inquire into the case and may make such order (including interim or interlocutory orders) or direction as the High Court thinks fit, after hearing—

• (a) any witnesses who may be produced against or on behalf of the person concerned, and

• (b) any statement which may be offered in defence.

32. Offence.

32.— (1) A person commits an offence if he or she—

• (a) obstructs or impedes the Bank or an authorised officer in the exercise of any powers under this Part,

• (b) without reasonable excuse, does not comply with a requirement imposed under this Part,

• (c) in purported compliance with such a requirement, provides information or records or other documents to the Bank or an authorised officer that the person knows to be false or misleading in a material respect, or

• (d) falsely represents himself or herself to be an authorised officer.

• (2) A person who commits an offence under this section is liable—

• (a) on summary conviction, to a class A fine or imprisonment for a term not exceeding 12 months, or both, or

• (b) on conviction on indictment, to a fine not exceeding €250,000 or imprisonment for a term not exceeding 5 years, or both.

• (3) If a person refuses to answer a question asked of him or her or to comply with any other requirement made, under this Part, on the grounds that the answer or compliance with the requirement might tend to incriminate the person and the person is informed of his or her obligation to answer the question or to comply with the requirement, the person shall not refuse to answer the question or to comply with the requirement but the answer given or information provided on that occasion shall not be admissible as evidence in criminal proceedings against the person other than proceedings against him or her under this section.

33. Privileged legal material.

33.— F20[…]

34. Use of information.

34.— Information acquired by the Bank or an authorised officer in the performance of any functions conferred on the Bank or the authorised officer under financial services legislation F21[, other than information acquired under a disclosure agreement under section 34A,] may be used by the Bank for the purposes of the performance of any of its functions under financial services legislation.

PART 3A Voluntary disclosure of privileged legal material]

34A. F23[Voluntary disclosure of privileged legal material

34A. (1) In this section—

"disclosed material" means information produced, or to which access is given, under a disclosure agreement;

"disclosure agreement" has the meaning given by subsection (2);

"privileged legal material" means information which a person is entitled to refuse to produce on the grounds of legal professional privilege;

"specified person" means a person specified in a disclosure agreement as a person to whom disclosed material is to be produced or to whom access to disclosed material is to be given under the agreement.

• (2) This section applies if, for the purposes of the performance by the Bank of its functions under financial services legislation, the Bank enters into an agreement (referred to in this section as a "disclosure agreement") with a person entitled to waive legal professional privilege in respect of privileged legal material, under which the person agrees to produce or give access to the material, to the Bank and any specified person, for the purposes specified in the agreement.

• (3) Section 33AK of the Act of 1942 applies to disclosed material in the same manner as it applies to confidential information, and a reference in that section to confidential information shall, where the context admits, be construed as a reference to disclosed material.

• (4) The production of or giving of access to information to the Bank or any specified person under a disclosure agreement, and the report or disclosure of disclosed material to any person under section 33AK(3)(a) or (5) of the Act of 1942—

• (a) does not constitute a waiver of legal professional privilege in respect of information other than the disclosed material concerned, and

• (b) does not constitute a waiver of legal professional privilege in respect of disclosed material to any person other than the Bank or a specified person, or for a purpose other than the purposes specified in the agreement.

• (5) Where the Bank or a specified person proposes to give disclosed material in evidence in proceedings under financial services legislation, the proceedings or any part of the proceedings may be heard otherwise than in public in order to maintain the confidentiality of the disclosed material.

• (6) The following do not apply to disclosed material:

• (a) section 47 of the Central Bank Reform Act 2010;

• (b) the Freedom of Information Act 2014.

• (7) Where information is the subject of a disclosure agreement, nothing in the agreement or this section affects any power of the Bank to require a person to produce or give access to the information otherwise than under the agreement.]

34B. F24[Determination by court as to whether legal professional privilege applies

34B. (1) In this section—

"Court" means the High Court;

"privileged legal material" means information which, in the opinion of the Court, a person is entitled to refuse to produce on the grounds of legal professional privilege;

"relevant person" means the Bank or an authorised officer.

• (2) If a person refuses to produce information or give access to it, pursuant to a requirement imposed by a relevant person under financial services legislation, on the grounds that the information contains privileged legal material, the Bank may, at any time within 6 months (or such longer period as the Court may allow) of the date of such refusal, apply to the Court for a determination as to whether the information, or any part of the information, is privileged legal material where—

• (a) in relation to the information concerned—

• (i) the Bank has reasonable grounds for believing that it is not privileged legal material, or

• (ii) due to the manner or extent to which such information is presented together with any other information, it is impossible or impractical to extract only such information,

and

• (b) the Bank has reasonable grounds to suspect that the information contains evidence relating to the commission of a prescribed contravention or an offence under financial services legislation.

• (3) A person who refuses to produce information or give access to it, pursuant to a requirement imposed by a relevant person under financial services legislation, on the grounds that the information contains privileged legal material shall preserve the information and keep it in a safe and secure place and manner pending the determination of an application under subsection (2) and shall, if the information is so determined not to be privileged legal material, produce it in accordance with such order as the Court considers appropriate.

• (4) A person shall be considered to have complied with the requirement under subsection (3) to preserve information, where the person has complied with such requirements as may be imposed by an authorised officer under paragraph (g) or (h) of section 27(1).

• (5) Where an application is made by the Bank under subsection (2), the Court may give such interim or interlocutory directions as the Court considers appropriate including, without prejudice to the generality of the foregoing, directions as to the appointment of a person with suitable legal qualifications, possessing the level of experience, and the independence from any interest falling to be determined between the parties concerned, that the Court considers to be appropriate for the purpose of—

• (a) examining the information, and

• (b) preparing a report for the Court with a view to assisting or facilitating the Court in the making by the Court of its determination as to whether the information is privileged legal material.

• (6) An application under subsection (2) shall be by motion and may, if the Court so directs, be heard otherwise than in public.]

PART 4 Auditor Assurance

35. Amendment of Central Bank Act 1997.

35.— The Central Bank Act 1997 is amended by inserting the following new section after section 27B:

“Auditor assurance.

27BA.— (1) Where the Bank considers it necessary owing to the nature, scale or complexity of the activities of a regulated financial service provider, it may, by notice in writing to the auditor of the regulated financial service provider, require the auditor to conduct an examination for the purpose of providing to the Bank a statement as to the extent to which the regulated financial service provider has complied with obligations imposed by or under such provisions of financial services legislation as are specified in the notice.

• (2) The notice—

  • (a) shall be given not less than 3 months before the date on which the auditor’s report on the regulated financial service provider’s accounts is due to be submitted to the Bank, and

  • (b) shall specify the standards in accordance with which the examination is to be conducted.

• (3) The auditor shall conduct an examination in accordance with the notice and during the examination shall undertake such testing procedures and obtain such information as the auditor thinks appropriate.

• (4) The auditor shall, not more than 2 months after the date on which the auditor’s report on the regulated financial service provider’s accounts is due to be submitted to the Bank, provide to the Bank a statement outlining the findings of the examination (including, in particular, the outcome of the testing procedures undertaken, and the information obtained, by the auditor during the examination).

• (5) If the auditor is not satisfied that the regulated financial service provider has complied with an obligation imposed by or under the provisions of financial services legislation specified in the notice, the auditor shall include in the statement the reasons why the auditor is not so satisfied.

• (6) The Bank may make regulations prescribing the obligations imposed by or under provisions of financial services legislation any or all of which may be specified in a notice under subsection (1).

• (7) The Bank may prescribe an obligation imposed by or under a provision of financial services legislation in regulations under subsection (6) if and only if the provision concerns—

  • (a) administrative or accounting procedures of regulated financial service providers,

  • (b) internal control mechanisms of, or risk management by, regulated financial service providers, or

  • (c) the organisational structure or governance of regulated financial service providers.

• (8) Before making regulations under this section the Bank shall consult the Minister and the Minister for Jobs, Enterprise and Innovation.

• (9) In specifying under subsection (2)(b) the standards in accordance with which an examination is to be conducted, the Bank shall have regard to internationally recognised standards for assurance and auditing.”.

36. Amendment of section 27G of Central Bank Act 1997.

36.— Section 27G of the Central Bank Act 1997 is amended—

• (a) in subsection (1) by inserting “27BA(4) or (5),” after “section 27B(2),”, and

• (b) in subsection (3) by inserting “27BA,” after “section 27B,”.

PART 5 Protection for Persons Reporting Breaches

37. Definitions (Part 5).

37.— (1) In this Part and Schedule 5—

“appropriate person”, in relation to the making of a protected disclosure, means the Bank, an officer or employee of the Bank or an authorised officer;

“contract of employment” means a contract of employment or of service or of apprenticeship, whether the contract is express or implied and, if express, whether it is oral or in writing;

“employee” means a person who has entered into or works under (or, where the employment has ceased, entered into or worked under) a contract of employment and references, in relation to an employer, to an employee shall be construed as references to an employee employed by that employer;

“employer”, in relation to an employee, means the person with whom the employee has entered into or for whom the employee works under (or, where the employment has ceased, entered into or worked under) a contract of employment, and includes—

• (a) a person (other than an employee of that person) under whose control and direction an employee works, and

• (b) where appropriate, the successor of the employer or an associated employer of the employer;

“penalisation” means any act or omission by an employer, or by a person acting on behalf of an employer, that affects an employee to his or her detriment with respect to any term or condition of his or her employment and, without prejudice to the generality of the foregoing, includes—

• (a) suspension, lay-off, or dismissal,

• (b) the threat of suspension, lay-off or dismissal,

• (c) demotion or loss of opportunity for promotion,

• (d) transfer of duties, change of location of place of work, reduction in wages or change in working hours,

• (e) the imposition or the administering of any discipline, reprimand or other penalty (including a financial penalty),

• (f) unfair treatment,

• (g) coercion, intimidation or harassment,

• (h) discrimination, disadvantage or adverse treatment,

• (i) injury, damage or loss, and

• (j) threats of reprisal;

“protected disclosure” shall be read in accordance with section 38.

• (2) For the purposes of this Part and Schedule 5, two employers shall be taken to be associated if one is a body corporate of which the other (whether directly or indirectly) has control or if both are bodies corporate of which a third person (whether directly or indirectly) has control and “associated employer” shall be read accordingly.

• (3) For the purposes of this Part and Schedule 5, a reference to “dismissal” includes—

• (a) a dismissal within the meaning of the Unfair Dismissals Acts 1977 to 2007, and

• (b) a dismissal wholly or partly for or connected with the purpose of the avoidance of a fixed-term contract being deemed to be a contract of indefinite duration under section 9(3) of the Protection of Employees (Fixed-Term Work) Act 2003.

38. Protected disclosure.

38.— (1) Where a person makes, in good faith, whether in writing or otherwise, a disclosure to an appropriate person and the person making the disclosure has reasonable grounds for believing that the disclosure will show one or more of the following:

• (a) that an offence under any provision of financial services legislation may have been or may be being committed;

• (b) that a prescribed contravention may have been or may be being committed;

• (c) that any other provision of financial services legislation may have been or may be being contravened;

• (d) that evidence of any matter which comes within paragraph (a), (b) or (c) has been, is being or is likely to be deliberately concealed or destroyed,

the disclosure shall be a protected disclosure for the purposes of this Part.

• F25[(1A) Subsection (1) does not apply to a disclosure that is a protected disclosure within the meaning of the Protected Disclosures Act 2014.]

• (2)
• (a) A person appointed to perform a pre-approval controlled function (within the meaning of section 18 of the Central Bank Reform Act 2010) shall, as soon as it is practicable to do so, disclose to the Bank information relating to one or more of the matters specified in subsection (1)(a) to (d) which he or she believes will be of material assistance to the Bank.

• (b) A disclosure under paragraph (a) shall be a protected disclosure for the purposes of this Part.

• (c) Paragraph (a) does not apply if the person has a reasonable excuse.

• (d) It is a reasonable excuse for the purposes of paragraph (c) for a person to fail to make a disclosure on the ground that the disclosure might tend to incriminate the person.

• (e) It is a reasonable excuse for the purposes of paragraph (c) for a person to fail to make a disclosure on the ground that the information has already been disclosed by another person.

• (f) Paragraphs (d) and (e) do not limit what is a reasonable excuse for the purposes of paragraph (c).

• (3) A disclosure made anonymously shall not be a protected disclosure for the purposes of this Part.

• (4)
• (a) The Governor shall provide a report to the Central Bank Commission at least annually on any action taken or not taken in response to protected disclosures F25[and disclosures which would be protected disclosures but for subsection (1A)].

• (b) The Central Bank Commission shall determine the form and content of the report to be provided under paragraph (a).

39. Guidelines for persons referred to in section 38(2)(a).

39.— (1) The Bank may, in such form and manner as it considers appropriate, publish guidelines for the purpose of providing practical guidance for persons referred to in subsection (2)(a) of section 38 relating to the application and operation of that section with respect to those persons, including guidelines as to the assessment by such persons as to whether a disclosure is required to be made.

• (2) The guidelines may include different provisions in respect of different classes of persons referred to in section 38(2)(a).

40. Protection from civil liability of persons who have made a protected disclosure.

40.— (1) A person shall not be liable in damages in respect of the making of a protected disclosure.

• (2) Subsection (1) does not apply in respect of a person who—

• (a) makes a disclosure knowing it to be false or misleading, or

• (b) in connection with a disclosure, furnishes information that the person knows to be false or misleading.

• (3) The reference in subsection (1) to liability in damages shall be read as including a reference to liability to any other form of relief.

• (4) Subsection (1) is in addition to, and not in substitution for, any privilege or defence available in legal proceedings, by virtue of any enactment or rule of law in force immediately before the commencement of this section, in respect of the making of a disclosure by a person to another (whether that other person is an appropriate person or not) of any one or more of the matters specified in paragraphs (a) to (d) of section 38(1).

• (5) Subject to any enactment or rule of law, the Bank may not disclose the identity of a person who has made a protected disclosure without first obtaining the person’s consent except in so far as it may be necessary—

• (a) for the effective investigation of any matter to which the disclosure relates, or

• (b) for the purposes of—

• (i) an inquiry by the Bank under section 33AO or 33AR of the Act of 1942,

• (ii) subject to section 57W of the Act of 1942, an appeal to the Appeals Tribunal under Part VIIA of the Act of 1942,

• (iii) an assessment under Part 5 of the Market Abuse (Directive 2003/6/EC) Regulations 2005 (S.I. No. 342 of 2005),

• (iv) an assessment under Part 15 of the Prospectus (Directive 2003/71/EC) Regulations 2005 (S.I. No. 324 of 2005),

• (v) an assessment under Part 10 of the Transparency (Directive 2004/109/EC) Regulations 2007 (S.I. No. 277 of 2007), or

• (vi) an investigation or hearing under Part 3 of the Central Bank Reform Act 2010,

in relation to any matter to which the disclosure relates.

• (6) Before disclosing a person’s identity in accordance with subsection (5), the Bank shall make all reasonable efforts to notify the person.

41. Protection of employees from penalisation for making a protected disclosure.

41.— (1) An employer shall not penalise or threaten penalisation against an employee, or cause or permit any other person to penalise or threaten penalisation against an employee—

• (a) for having made a protected disclosure, unless the employee—

• (i) in making the disclosure did so knowing it to be false or misleading, or

• (ii) in connection with the disclosure, furnished information that he or she knew to be false or misleading,

• (b) for giving evidence in any proceedings under financial services legislation, or

• (c) for giving notice of his or her intention to do any of the things referred to in paragraph (a) or (b).

• (2) Paragraphs (a), (c), (d), (e) and (f) of the definition of “penalisation” in section 37 shall not be construed in a manner which prevents an employer from—

• (a) ensuring that the business concerned is carried on in an efficient manner, or

• (b) taking any action required for economic, technical or organisational reasons.

• (3) Schedule 5 has effect in relation to an alleged contravention of subsection (1) and matters consequential on such a contravention.

• (4) An employer who contravenes subsection (1) commits an offence and is liable—

• (a) on summary conviction, to a class A fine or imprisonment for a term not exceeding 12 months, or both, or

• (b) on conviction on indictment, to a fine not exceeding €250,000 or imprisonment for a term not exceeding 2 years, or both.

• (5)
• (a) If penalisation of an employee, in contravention of subsection (1), constitutes a dismissal of the employee, as referred to in paragraph (a) of the definition of “penalisation” in section 37, the employee (or, in the case of an employee who has not reached the age of 18 years, the employee’s parent or guardian, with the employee’s consent) may institute proceedings in respect of that dismissal under the Unfair Dismissals Acts 1977 to 2007 or to recover damages at common law for wrongful dismissal and, if the employee or his or her parent or guardian, as the case may be, does so, a complaint of such dismissal may not be presented to a rights commissioner under paragraph 1(1) of Schedule 5.

• (b) If an employee (or, in the case of an employee who has not reached the age of 18 years, the employee’s parent or guardian, with the employee’s consent) presents a complaint to a rights commissioner under paragraph 1(1) of Schedule 5 in respect of a dismissal referred to in paragraph (a), the employee or his or her parent or guardian, as the case may be, may not institute proceedings in respect of that dismissal under the Unfair Dismissals Acts 1977 to 2007 or to recover damages at common law for wrongful dismissal.

• (6) In proceedings under Schedule 5 before a rights commissioner or the Labour Court in relation to a complaint that subsection (1) has been contravened, it shall be presumed, until the contrary is proved, that the employee concerned acted reasonably and in good faith in making a protected disclosure.

• (7) Any person who, upon examination on oath or affirmation authorised under paragraph 3(1) of Schedule 5, wilfully makes any statement which is material for that purpose and which the person knows to be false or does not believe to be true commits an offence and is liable on summary conviction to a class A fine or imprisonment for a term not exceeding 12 months, or both.

• (8) A person to whom a notice under paragraph 3(2) of Schedule 5 has been given and who refuses or wilfully neglects to attend in accordance with the notice or who, having so attended, refuses to give evidence or refuses or wilfully fails to produce any document to which the notice relates commits an offence and is liable on summary conviction to a class A fine.

• (9) A document purporting to be signed by the chairperson or a deputy chairperson of the Labour Court stating that—

• (a) a person named in the document was, by a notice under paragraph 3(2) of Schedule 5, required to attend before the Labour Court on a day and at a time and place specified in the document, to give evidence or produce a document, or both, and

• (b) a sitting of the Labour Court was held on that day and at that time and place, and the person did not attend before the Labour Court pursuant to the notice or, having so attended, refused to give evidence or refused or wilfully failed to produce the document,

shall, in a prosecution of the person under subsection (8), be evidence of the matters so stated without further proof unless the contrary is shown.

• (10) Summary proceedings for an offence under subsection (7) or (8) may be brought and prosecuted by the Minister for Jobs, Enterprise and Innovation.

42. Tortious liability of person for victimisation.

42.— (1) If a person causes detriment to another person (in this section referred to as the “second-mentioned person”) because the second-mentioned person or a third person—

• (a) made a protected disclosure, unless he or she—

• (i) in making the protected disclosure did so knowing it to be false or misleading, or

• (ii) in connection with the disclosure, furnished information that he or she knew to be false or misleading,

• (b) gave evidence in any proceedings under financial services legislation, or

• (c) gave notice of his or her intention to do any of the things referred to in paragraph (a) or (b),

the second-mentioned person has a right of action in tort against the person who causes the detriment.

• (2) In this section, “detriment” includes—

• (a) intimidation or harassment,

• (b) discrimination, disadvantage or adverse treatment in relation to a person’s employment,

• (c) injury, damage or loss, or

• (d) a threat of reprisal.

• (3) An employee may not pursue a right of action under this section and under any provision of any other enactment in respect of the same matter.

PART 6 Customer Protection

43. Bank’s power to direct redress for customers.

43.— (1) Where the Bank is satisfied—

• (a) that there have been widespread or regular relevant defaults by a regulated financial service provider, and

• (b) that, in consequence of the relevant defaults, customers of the regulated financial service provider have suffered, are suffering or will suffer loss or damage,

the Bank may give the regulated financial service provider a direction requiring the making of appropriate redress to the customers.

• (2) In subsection (1) “relevant default” means—

• (a) charging a customer an amount which the regulated financial service provider is not entitled to charge,

• (b) providing a customer with a financial service which the customer has not agreed to receive,

• (c) providing a customer with a financial service which was not suitable for the customer at the time when it was provided,

• (d) providing a customer with inaccurate information which influences the customer in making a decision about any financial service,

• (e) a failure of any system or controls of the regulated financial service provider, or

• (f) a prescribed contravention.

• (3) In subsection (1) “appropriate redress” means such monetary or other redress as is specified in the direction and (in the case of redress for pecuniary loss) as does not exceed the amount of the loss suffered or anticipated to be suffered, together (where appropriate) with interest at such rate as is so specified.

• (4) A direction given under subsection (1) may require the costs of the Bank in giving the direction to be met by the regulated financial service provider to whom the direction is given.

• (5) The fact that a regulated financial service provider has made redress in compliance with a direction given under subsection (1) shall not, of itself, constitute for any purpose an admission of liability by the regulated financial service provider.