The regulated entity appoints the ‘reviewer’ (subject to CBI approval) and is responsible for the management and remuneration of the reviewer with the final report provided both to the reviewer and to the CBI.
The CBI has said that the skilled person may be an auditor, actuary, accountant, lawyer or any other person with the relevant business, technical or technological skills.
The appointment of a skilled person must be approved by the CBI which will have regard to the skills, experience and independence of the proposed reviewer.
Forvis Mazars has extensive experience in the execution of skilled person reviews as required by regulatory authorities in relation to risk diagnosis, prevention or remediation, whether in the UK under equivalent legislation (‘Section 166 reports’) or here in Ireland since the Act was introduced in 2013. This work has to date included a number of large Section 166 and other regulatory reviews and investigations into mis-selling, inappropriate lending practices, treatment of small and medium-sized enterprise (SME) customers and a range of other topics.
Forvis Mazars draws on its subject matter expertise and breadth of its financial services group in Ireland and Internationally to ensure that the correct team is assembled. We are very familiar and comfortable with skilled person reviews and understand the expectations of the regulator and the impact on the firm and the manner in which both should be balanced.
Following the recent Compliance Institute event at Forvis Mazars, entitled "Stepping into a PCF Role under SEAR – Factors to Consider", attendees gained valuable insights into navigating the complexities of the Senior Executive Accountability Regime (SEAR).
The Central Bank of Ireland (CBI) released its Flood Protection Gap Report on 14 October 2024, shedding light on the extent of Ireland's flood insurance coverage gaps. The report examines both the current and future risks posed by inadequate flood protection, which affects some homes and businesses across the country.
Under EU Regulation 2023/1114, Markets in Crypto Assets Regulation (MiCAR) issuers of asset-reference tokens (ARTs) and electronic money tokens (EMTs) must create a redemption plan to ensure orderly token redemption if a competent authority determines the issuer may fail to meet payment obligations.
In an ever-changing regulatory landscape, we help our clients embrace reform, reshape their strategies, and mitigate regulatory risk.
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Experienced accountants providing integrated support to your accounting and finance team.
Forvis Mazars actuarial consultants have in-depth knowledge and experience of the challenges and opportunities in the Irish insurance market.
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