Business Irish

Friday 28 October 2016

Central Bank hits outsourcing giant Capita with €1.1m fine

Published 13/10/2016 | 12:50

The Central Bank headquarters in Dublin
The Central Bank headquarters in Dublin

Outsourcing giant Capita has been hit with a €1.15m fine from the Central Bank for conducting some business here without proper authorisation.

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In a statement, the Central Bank of Ireland said it has fined Capita Life and Pensions Services (Ireland) Limited €1,150,000 and reprimanded it for breaches of the Investment Intermediaries Act, 1995 (the “IIA”) and the European Communities (Markets in Financial Instruments) Regulations 2007 (the “MiFID Regulations”). The breaches have been admitted by the firm.

The case takes the total of fines imposed by the regulator to  €46m since 2006, including €4m so far this year.  The fine has been imposed following a settlement agreement with Capita, the Central bank said. The two breaches involved occurred consecutively over a total period of nine years and seven months. 

The breaches included Capita acting as an investment business firm between 1 February 2006 and 31 October 2007 without Central Bank authorisation, and acting as an investment firm between 1 November 2007 and 18 September 2015 without Central Bank authorisation as required under the MiFID Regulations.  The firm was also holding client assets without authorisation from the Central Bank, the regulator said. 

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