Dillon Eustace’s new Regulatory Investigations Unit will be headed by newly appointed senior associate Muireann Reedy. Ms Reedy spent five years working within the Central Bank’s Enforcement Division prior to joining Dillon Eustace. With insurers, banks, credit unions, asset managers and other within the financial services sector chief among Dillon Eustace’s clients, the firm’s new unit will aim to provide support to organisations through all aspects of regulatory investigations, statutory and non-statutory inquiries and Financial Service Ombudsman complains and appeals.
Growth in enforcement action
The decision to launch a specialist unit for regulatory investigations comes in response to increasing levels of enforcement activity by the Central Bank of Ireland. A regulatory shift in 2013 substantially expanded the CBI’s sanctioning powers, doubling the maximum fine able to be issued by the regulatory from €500k to €1m for individuals and from €5m to €10m for entities. According to a statement from Dillon Eustace, the CBI has taken action against 88 entities and 16 individuals in the last decade. Ms Reedy and her team at Dillon Eustace will also offer advice to organisations and individuals subjected to investigations by the Office of the Director of Corporate Enforcement and the Chartered Accountants Regulatory board.
Email your news and story ideas to: [email protected]
