BCWM plc

The Central Bank has repeatedly highlighted compliance with the Client Asset Requirements as a matter of significant importance. Given the potential serious impact on consumers, failure to comply with the requirements for the protection of client assets will result in vigorous investigation and enforcement action by the Central Bank.” BACKGROUND BCWM was authorised as an investment firm under the MiFID Regulations on 12 November 2009 and is authorised to hold client assets. The Firm provides non-discretionary investment advice and retirement planning services to investors. In February 2015, the Client Asset Specialist Team of the Central Bank conducted an on-site client asset inspection of BCWM as part of a Full Risk Assessment. The focus of the inspection was on the Firm’s compliance with aspects of the CAR. This inspection and the subsequent follow up steps by the Central Bank identified a number of issues in respect of the Firm’s compliance with the CAR and the MiFID Regulations, prompting an Enforcement investigation into those issues. The CAR were revoked in 2015 and the updated client asset requirements are now contained in Part 6 of S.I. No. 604 of 2017 Central Bank (Supervision and Enforcement) Act, 2013 (Section 48(1) (Investment 3 Firms) Regulations 2017. The provisions of the CAR under which this case proceeded were maintained in substance. PRESCRIBED CONTRAVENTIONS The investigation identified three breaches of the CAR and two breaches of the MiFID Regulations, namely: Designation of Client Asset Accounts Requirement 4.3.