Institution seeks to beef up regulatory powers

The Central Bank wants the power to directly apply to the High Court to have an administrator appointed to investment firms in danger of failure.

The move is one recommendation put forward by the institution as it aims to strengthen its powers regarding investment firms and the safety of client assets.

A beefing-up of regulatory powers is deemed necessary following the collapse of investment firm Custom House Capital (CHC) late last year, which was found to have misused €56m worth of clients’ funds.