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The recent High Court tracker mortgage decision again brought sharply into focus the onerous nature of potential remediation exercises. Increasing regulatory pressure, ever-changing customer expectations, rising customer vulnerability and a competitive marketplace, deem an increase in remediation requirements for financial services firms highly likely.

Money laundering is on the rise globally. Between 2016 and 2021, the yearly number of cases brought to the European Union Agency for Criminal Justice Cooperation doubled, bringing the total number of registered cases for that period to 3,000. In Ireland alone, the number of recorded money laundering crimes increased significantly from 86 in 2018 to 701 in 2021.

The Central Bank published the Cross Industry Guidance on Operational Resilience in December 2021 expecting firms to be in a position to evidence compliance within two years. It has now issued an Operational Resilience Maturity Assessment to firms in all sectors to assess the level of preparedness in the financial services industry.

On 20 October 2020, the Central Bank of Ireland (CBI) published the findings of its thematic review of the implementation of Consultation Paper 86 (CP86) Fund Management Companies – Guidance (Guidance)8. The objective is to set out the standards to be met by the fund management companies (FMCs) including self-managed UCITS and internally managed AIFs in respect of their governance, management, control and resourcing.