Regulator wants better compliance among smaller financial firms

THE Financial Regulator has highlighted a need for stronger compliance among smaller players in the financial services sector.

Addressing the Galway Chamber of Commerce at an event in the Galway-Mayo Institute of Technology (GMIT) last night, Matthew Elderfield said his office is to provide a new electronic filing facility for what he labelled smaller, low-impact firms.

“About half of the retail intermediaries who are supposed to file returns with us do not do so. That is unacceptable. So, we are making it easier by providing an electronic filing facility,” he said. Mr Elderfield added the Regulator’s office will also begin to flex its powers to fine or revoke authorisation for those firms who continue to refuse to pay their levy, or who fail to file timely regulatory returns.