Public statement relating to Settlement Agreement between the Central Bank of Ireland and Seamus Sutcliffe trading as The Mortgage Centre

• Date: 30 June 2016

Settlement Agreement between the Central Bank of Ireland

and

Seamus Sutcliffe t/a The Mortgage Centre

Central Bank imposes a fine of €2,750 on Seamus Sutcliffe t/a The Mortgage Centre

for breaches of the European Communities (Insurance Mediation) Regulations, 2005

The Central Bank of Ireland (the “Central Bank”) has issued a fine of €2,750 and a reprimand to

Seamus Sutcliffe t/a The Mortgage Centre (the “Firm”) in respect of a failure to hold professional

indemnity insurance (“PII”) for a period of time. Insurance intermediaries are required to hold PII

under Regulation 17 of the European Communities (Insurance Mediation) Regulations, 2005 (the

“IMR”).

The findings have been accepted by the Firm as part of the settlement agreement concluded

between the Central Bank and the Firm on 30 June 2016.

Derville Rowland, the Central Bank’s Director of Enforcement has commented as follows:

“The Central Bank views PII as a key prudential and consumer protection safeguard. It provides an

assurance to consumers 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 obligations is therefore key to the Central Bank’s mandate of protecting consumers in the

context of the regulation of the Retail Intermediaries sector.