New Ireland Assurance Company plc

BACKGROUND The Firm is authorised by the Central Bank under the European Union (Insurance and Reinsurance) Regulations 2015 to conduct life insurance business. The Firm provides investment products (such as investment bonds), pensions products (such as personal pensions, Personal Retirement Savings Accounts and Approved Retirement Funds), and protection products (such as life assurance and serious illness cover) to the Irish market through its New Ireland Assurance and Bank of Ireland Life brands. PRESCRIBED CONTRAVENTIONS Breach of Chapter 6 Provision 6.16 of the 2012 Code: Chapter 6 Provision 6.16 of the 2012 Code requires regulated entities to provide consumers with statements in respect of each investment product held with them that include the following information (where applicable): a. the opening balance or value; b. all additions including additional amounts invested; c. all withdrawals; d. the total sum invested; e. the number of units held; f. all interest; g. all charges and deductions affecting the investment product including any charges associated with the management, sale, set up and ongoing administration of the investment product; and h. the closing balance or statement of the value of the investment. The statements must be provided to consumers at least annually and must provide the required information in respect of the previous 12 month period. Following an investigation conducted by the Central Bank it was established that the Firm failed to comply with the requirements of Chapter 6 Provision 6.