Public statement relating to Settlement Agreement between the Central Bank of Ireland and Smyths Insurance Brokers Limited and Mr Raymond Smith

Date11 April 2013
PO BOX 559 T +353 1 224 4000
Dame Street F +353 1 671 6561
Dublin 2
Settlement Agreement
between the Central Bank of Ireland and 1) Smyths Insurance
Brokers Limited and 2) Raymond Smyth (as a person concerned in
the management of Smyths Insurance Brokers Limited)
The Central Bank of Ireland (“the Central Bank”) has entered into a Settlement
Agreement with Smyths Insuranc e Brokers Limited (“the Firm”) a regulated
financial services provider an d Mr Raymond Smyth (“Mr Smyth”), a person
concerned in the management of the Firm, in relation to breaches of regulatory
requirements contained in the Consumer Protection Code (“the Code”).
Disqualification, reprimand and fine
The Central Bank reprimanded Mr Smyth, and disqualified him from being a
person concerned in the management of any regulated financial service provider
for a period of 3 years.
The Central Bank reprimanded the Firm an d required it to pay a monetary penalty
of €12,000.
Breaches
This case concerns wrongful debits made from the client premium account in
breach of Provision 28, Chapter 5 of the Consumer Protection Code 2006, and
failure to carry out or retain monthly reconciliations of amounts due t o regulated

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