The Central Bank has banned James Cumiskey, the former Managing Director of European Mortgage Call Centre Limited in Dundalk, Co Louth from carrying out any controlled function in any regulated financial service provider from last July for an indefinite period.
The prohibition comes after the Central Bank undertook an investigation into Mr Cumiskey.
That investigation established that between January and August 2018, Mr Cumiskey induced people to give him deposits they had saved for a mortgage on the basis that he needed the deposit to process mortgage applications on their behalf.
Although neither Mr Cumiskey nor his firm were authorised as a mortgage intermediary, the company's website prominently advertised mortgage services.
When the Central Bank was alerted in January 2019, it took immediate steps to suspend Mr Cumiskey from performing any controlled function.
The High Court extended this suspension in May 2019.
The Central Bank also found that Mr Cumiskey had outstanding debts and was not managing his own financial affairs in a sound and prudent manner as required by the Fitness and Probity Standards, which all controlled function holders must adhere to.
Seána Cunningham, Director of Enforcement and Anti-Money Laundering, said the Central Bank's Fitness and Probity Regime works to ensure that persons holding key and customer facing positions in financial services are committed to high standards of competence, integrity and honesty.
"When the Central Bank is investigating a person's fitness and probity and considers, at any point, that there is a significant need to protect the users of financial services and financial stability, it has the power to issue a suspension notice," Ms Cunningham said.
She said this was an important power, which can be used by the Central Bank in seeking to protect consumers from potential harm.
"The prohibition of persons from holding key functions in regulated firms where they fail to meet the required standards of fitness and probity upholds public trust and confidence in the financial system," she added.
