The Central Bank has agreed settlement deals with six insurance intermediaries for their failure to hold professional indemnity insurance (PII) for a period of time.

The bank has reprimanded the insurance intermediaries involved and has required them to pay a monetary penalty.

John Campbell, trading as Campbell Financial Services, was fined €1,000, while MOD Financial Services was fined €420 while P Walpole & Sons was fined €525.

Rocklands Financial faced a fine of €650, Ryan Motor Power was fined €1,000 and Stephen Redmond, trading as SJ Redmond & Associates will have to pay €520 in fines.

Insurance intermediaries are required to hold PII under Regulation 17 of the European Communities (Insurance Mediation) Regulations 2005.
 
The Central Bank said it viewed seriously non-compliance with the statutory requirement to hold PII, adding that PII is an important protection for customers when dealing with regulated financial service providers.
 
"We hope that the number of actions taken will highlight to firms within industry that a failure to meet the required standards in key areas will result in the Central Bank robustly applying its supervisory and enforcement tools to eradicate the behaviour, acting as a meaningful deterrent to others and promoting an improvement in standards across the industry," commented the Central Bank's director of enforcement Derville Rowland.

"By taking this action we aim to ensure that consumers who avail of financial services from insurance intermediaries are provided with the same level of protections from all firms within industry," he added.

nsurance intermediaries are required to hold PII under Regulation 17 of the European Communities (Insurance Mediation) Regulations 2005.
 
The Central Bank said it viewed seriously non-compliance with the statutory requirement to hold PII, adding that PII is an important protection for customers when dealing with regulated financial service providers.
 
"We hope that the number of actions taken will highlight to firms within industry that a failure to meet the required standards in key areas will result in the Central Bank robustly applying its supervisory and enforcement tools to eradicate the behaviour, acting as a meaningful deterrent to others and promoting an improvement in standards across the industry," commented the Central Bank's director of enforcement Derville Rowland.

"By taking this action we aim to ensure that consumers who avail of financial services from insurance intermediaries are provided with the same level of protections from all firms within industry," he added.