Public statement relating to Settlement Agreement between the Central Bank of Ireland and 1) Patricia Clinton t/a Innovative Mortgage Service and 2) Mr Frank Clinton (as a person concerned in the management of Innovative Mortgage Service)

Date11 March 2011
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) Patricia
Clinton t/a Innovative Mortgage Service and
2) Mr Frank Clinton (as a person concerned in the
management of Innovative Mortgage Service)
The Central Bank of Ireland (“the Central Bank”) entered into a
Settlement Agreement on 11 March 2011 with Patricia Clinton t rading as
Innovative Mortgage Service (“the firm”) formerly a regulated financial
services provider and Mr Frank Clinton, a person concerned in the
management of the firm, in relation to breaches of regulatory
requirements contained in the Consumer Protection Code (“the Code”) and
the Consumer Credit Act, 1995, (“the Act”).
The 11 breaches were identified by the Central Bank during the course of
a targeted inspection. Up until 14 August 2009, when the firm ceased
business as a mortgage intermediary, the firm and Mr Clinton carried on
the business of a mortgage intermediary without regard or knowledge of
the obligations imposed by the Code and the Act, and consequently:-
Failed to act with due skill, care and diligence in the best
interests of the firm’s customers.
Failed to draw up and provide each customer with a Terms of
Business prior to providing a service to those customers.
Failed to gather and record sufficient information from a
consumer, appropriate to the nature and complexity of the

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