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IMIA March Updates

by | Mar 15, 2024

The IMIA held its March Member Meeting on Wednesday 13th March.

Product Governance

IMIA Chair Christopher McManus provided a presentation on ESMA product governance requirements. 

Costs and Charges

Members had a discussion on the Dear CEO Costs and Charges Letter that was issued by the Central Bank before Christmas- the action plan to remediate deficiencies must be approved by the board by 31 March.

Central Bank Supervisory Risk Outlook report

The Central Bank published its first Supervisory Risk Outlook Report at the end of February. There was a member discussion on contents of the report and it will be discussed in further detail by the Central Bank in a presentation to IMIA members in April.

IFSAT decision on the PCF approval process

One of our members gave an overview of the recent Irish Financial Services Appeals Tribunal on the Central Banks’s PCF process.

 Consumer Protection Consultation 

The Central Bank launched its Consumer Protection Code Consultation in early March and will speak to the IMIA Consumer Protection Group. It is intended that the IMIA will submit a response to the Consultation.

Central Bank Engagement with the IMIA

The Central Bank of Ireland will present to IMIA members on the 10th of April on the Supervisory Review and Evaluation Process (SREP), Client Assets, SEAR and Supervisory Priorities for 2024

AOB

Member firms are having peer discussions on MiFIR and IFR/IFD derogations, A product governance meeting will take place in April; a working group will be established if there is sufficient interest.

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