Public statement relating to Settlement Agreement between the Central Bank of Ireland and John Campbell trading as Campbell Financial Services

• Date: 22 November 2013

1

Settlement Agreement between the Central Bank of Ireland

and John Campbell t/a Campbell Financial Services

The Central Bank of Ireland (the “Central Bank”) has entered into a Settlement Agreement

with effect from 5 November 2013 with John Campbell t/a Campbell Financial Services (the

“Firm”), a regulated financial services provider, in relation to a breach of the European

Communities (Insurance Mediation) Regulations 2005 (the “2005 Regulations”).

Reprimand and fine

The Central Bank reprimanded the Firm and required it to pay a monetary penalty of

€1,000.

Breach

The breach related to the Firm’s failure to hold satisfactory professional indemnity

insurance on a continuous basis in accordance with Regulation 17 of the 2005 Regulations.

Background to the breach

The breach was detected arising out of a themed inspection by the Consumer Protection

Directorate of the Central Bank in relation to insurance intermediaries and their professional

indemnity insurance cover.

Penalty decision factors

Professional indemnity insurance provides cover for loss suffered by customers as a result of

professional negligence in relation to, for example, advice or services provided by a firm.