Central Bank plans to strengthen protection of client assets

Central Bank plans to strengthen protection of client assets

The Central Bank has issued a plan to strengthen the protection of client assets.

It includes the setting up of a Client Asset Specialist Team; the introduction of a Pre-Approval Control Function; and new powers for the Central Bank to allow it apply to the High Court for the appointment of an administrator - where there are serious financial problems.

"Good client asset regulation is a critical protection for investors," said Deputy Governor Matthew Elderfield.

"Where it hasn’t been effective – like Custom House Capital and Morrogh Stockbrokers in Ireland or MF Global in the US – the costs can be significant.

"We have today set out a comprehensive plan to strengthen client asset protection through tougher supervision, better rules, stronger audits, assumption of new powers and more accountability for firms’ directors."

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