Public statement relating to Settlement Agreement between Central Bank of Ireland and Lupton Financial Services Limited t/a Lupton & Co. Financial Services

• Date: 04 December 2017

1

Settlement Agreement between the Central Bank of Ireland

and Lupton Financial Services Limited t/a Lupton & Co. Financial

Services

The Central Bank of Ireland imposes a fine of €1,225.00 on Lupton Financial Services Limited

t/a Lupton & Co. Financial Services for a breach of the Investment Intermediaries Act 1995.

The Central Bank of Ireland (the “Central Bank”) has issued a fine of €1,225.00 and a

reprimand to Lupton Financial Services Limited t/a Lupton & Co. Financial Services (the

“Firm”) in respect of a breach of the Handbook of Prudential Requirements for Investment

Intermediaries (the “Handbook”). The Handbook was imposed on investment intermediaries

on 1 October 2014 under Section 14 of the Investment Intermediaries Act 1995.

The Firm breached the requirements imposed under Part 4 of the Handbook by failing to hold

Professional Indemnity Insurance (“PII”) from 1 October 2014 to 26 January 2016.

The findings have been accepted by the Firm as part of the Settlement Agreement between

the Central Bank and the Firm entered into on 28 November 2017.

The Central Bank’s Head of Enforcement Investigations, Brenda O’Neill has commented as

follows:

“The Central Bank views PII as a key prudential and consumer protection safeguard. It is important the

consumers know that, in the event of a valid professional negligence claim being established, there will

be a source of funds available to them in connection with that claim. Ensuring compliance with PII