Capita Life and Pensions Services (Ireland) Limited

Administrative sanction and measure

On 11 October 2016, the Central Bank concluded an administrative sanctions enforcement case against the Firm. The Central Bank reprimanded the Firm and imposed a fine of €1,150,000 for conducting unauthorised business. The Firm is authorised by the Central Bank as an Insurance Intermediary in respect of its core business. The case concerned the Firm conducting a separate line of business without required authorisations for a period of more than nine years. The two contraventions occurred consecutively and related to the Firm acting first as an investment business firm without authorisation under Section 9(1) of the Investment Intermediaries Act, 1995 and then as an investment firm without authorisation under Regulation 7(1) of the European Communities (Markets in Financial Instruments) Regulations 2007. The contraventions were aggravated by the fact that the Firm was holding client assets without authorisation from the Central Bank and by the delay of ten months in reporting the issue to the Central Bank.

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