Non-compliance with Funding Rules

Background

Where participant firms do not comply with the requirement to pay an annual levy to the ICCL, there are a number of potential implications for the firm which are outlined below.  The ICCL takes non-compliance with the requirement to pay an annual levy seriously and has obtained, registered and published judgments against firms for non-compliance.

 

Penalty Interest

Section 21(4) of the Act, provides that interest at a rate of 1.25% per month shall apply to overdue balances.

 

Reporting to the Central Bank of Ireland

Firms, that fail to pay their annual levy, will be reported to the Central Bank of Ireland for failing to comply with their obligations under the Act.  The Central Bank of Ireland may take enforcement action against any firm that has been reported to it, by the ICCL.  Enforcement action would usually take the form of a direction being issued against a firm preventing it from transacting regulated business for a period of up to 1 year.

 

Legal Recovery of unpaid annual levies

Section 21(5) of the Act provides that any sums due to the Scheme are recoverable as a simple contract debt in any court of competent jurisdiction. The ICCL has successfully taken legal action to recover unpaid levies. Details of judgments obtained are published in Stubbs Gazette, notified to the Bank and published here on the ICCL website.

 

Firms Authorised by the Central Bank of Ireland

Reference No. Name Authorised Status Judgment Amount Costs Awarded Relevant Court Registered Date
8448 Colin Boyle (T/A Colin J Boyle and Company) Deemed Raipi €2,776.88 €209.91 District Court April 25, 2014

 

Firms no longer authorised by the Central Bank of Ireland

Reference No. Name Authorised Status Judgment Amount Costs Awarded Relevant Court Registered Date
31451 Robert Kennedy Multi-Agency Intermediary €2,815.63 €205.00 District Court January 9, 2015
53462 Derek Carroll Insurance Intermediary €1,893.75 €129.04 District Court November 11, 2013

67340

Anthony O’Brien Insurance Intermediary €465.00 €205.00 District Court November 3, 2016
5998 John Harmon Deemed Raipi €1,893.75 €129.04 District Court October 15, 2013
4461 Denning Insurances Limited Deemed Raipi €2,518.75 €205.21 District Court April 14, 2014
47635 Laura Roche Multi-Agency Intermediary €2,288.75

€205.00

District Court March 24, 2015
50264 Saol Financial Advisors Limited (T/A IF Financial Advisors) Multi-Agency Intermediary €838.75 €119.78 District Court May 28, 2014
10917 PJ O'Dowd (T/A PJ O'Dowd Financial Services) Deemed Raipi €4,281.88 €206.50 District Court January 2, 2014
50230 Alan Marsh (T/A Alan Marsh Financial Services) Insurance Intermediary €1,890.00 €127.04 District Court September 12, 2013
5502 Barry Humphreys Deemed Raipi €6,162.75 €274.34 District Court August 27, 2013
7158 John Burke (T/A John Burke Financial Services) Authorised Advisor

€5,266.25

€255.29

District Court

May 21, 2013
10696

Paraic O'Rourke (T/A Paraic O'Rourke & Associates)

Deemed Raipi €1,513.75 €127.04

District Court

February 18, 2013
42418 Liam O'Kelly Financial Services Ltd Multi-Agency intermediary €1,333.75 €111.99 District Court January 22, 2013
12158 Michael McGreevy t/a Westside Auctioneers Deemed Raipi €1,037.50 €109.52 District Court January 3, 2013