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When it comes to trading, wherever you might be located, it’s important to gain an understanding of the regulations. And preferably pick a forex broker which has been licensed and is regulated by the relevant body. There are a number of regulatory bodies around the world. However, some are more reputable than others, and there are others who have very little clout. For those of you located in Ireland, regulation of brokers comes under the jurisdiction of the Central Bank Commission. Up until 2010, Irish financial institutions were regulated by the Irish Financial Services Regulatory Authority. Otherwise known as the Financial Regulator, it was replaced in 2011 by the new Central Bank Commission.
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Where can I find the best CBI regulated brokers?
Before you start looking for the best brokers which are regulated by the CBI, you should first consider your options. For example, many users in Ireland feel just as safe using an EEA-authorized regulator like CySEC. You’ll find that this can offer you a much wider array of options. Plus, you won’t have to deal with the controversy which surrounds some CBI regulators.
Is the Central Bank of Ireland safe enough to use?
While the Central Bank of Ireland may not be one of the better known regulatory bodies it nevertheless has a strong role, particularly for traders in Ireland. After all, it controls all financial institutions and their activities in the country.
The purpose of such control is to enforce and maintain a safe and fair environment for consumers. As well as enforcing and monitoring consumer protection, it also ensures financial bodies are operating within the guidelines. Another role is the fixing of minimum competency requirements.
The bank has also been responsible for creating statutory codes of conduct for financial bodies to ensure operations are carried out transparently, fairly, and in the sole interest of clients. It ensures all of the best CBI regulated brokers and other regulated concerns are following the guidelines, rules, and regulations with on-site visits.
It’s worth noting that The Central Bank of Ireland has received some pretty bad press over the years. While we will always recommend you pick a regulated broker for your online trading, the CBI may be one regulator you shouldn’t look for on its own. There are plenty of forex brokers to choose from and you might want to consider looking for authorization and regulation from a more respected body as well.
What is the Central Bank of Ireland and what do they do?
The Central Bank of Ireland has several important supervisory roles, aside from issuing licenses to CBI regulated brokers. It also regulates the activities of:
- Investment intermediaries, credit institutions, financial exchanges, stockbrokers, collective investment schemes, funds, compensation of investors and other related issues
- Insurance including life and general insurance along with related consumer issues
- Mortgage and credit providers, moneylenders, monitoring customer charges by such companies and related consumer issues
- Credit unions
The CBI has to pay attention to the operations of hundreds of individuals and businesses. But what are the main purposes of such regulation?
- The promotion of safe and fair financial services for consumers
- The promotion of solvent and sound financial institutions which will give depositors and other consumers confidence their funds are safe
- Monitoring and enforcing consumer protection, business conduct, and prudential requirements as well as setting minimum competency requirements
In order to meet its obligations, the Central Bank of Ireland imposes a number of statutory codes of conduct on financial service providers and brokers in Ireland. These aim to ensure financial institutions operate in a fair and transparent manner. The CBI manages the financial industry and enforces its regulations with on-site visits and its own enforcement powers.
We found a lot of negative reports and comments regarding the effectiveness of the CBI, but it appears the Central Bank is trying to redeem itself. In March 2016, the Central Bank threatened to revoke the licenses of 20 retail investment brokers. Thinning the field of poor brokers has made it easier to find the best CBI regulated brokers.
What is a CBI regulated broker and how is that status attained?
Forex brokers come under the heading of brokers or retail intermediaries, and as such are required to obtain a license. This means they must be regulated by the Central Bank Commission if they want to operate in Ireland.
There is a strict process which needs to be followed to achieve such a status. Each applicant must be able to satisfy the Central Bank it is able to meet authorization standards set in the various regulations. Only those applicants deemed in compliance with the standards are authorized.
Brokers in Ireland seeking to obtain authorization must first submit an application form with all supporting documentation, which will be acknowledged by the CBI. The documentation required includes a business plan, and a programme of operations.
When the bank is satisfied all the key information and documentation has been provided, the applicant is given login details for the bank’s online reporting system. There is an individual questionnaire which has to be completed and if the applicant is a sole trader or company with a single director a Garda vetting form will also be required. When the Central Bank has all the information and documentation to hand it proceeds to the assessment phase of the procedure.
How to make a complaint about CBI brokers
Should you have any problems with CBI regulated brokers, your first step will be to contact the financial services provider. The complaint should be made in writing and it would be advisable to keep a copy of the letter for your personal records.
It is your duty to give the provider an opportunity to look into the problem in order to reach a resolution. If a resolution cannot be reached – or you aren’t satisfied the complaint has been dealt with in a fair and transparent way – you are entitled to take the complaint to the Financial Services Ombudsman.
The Financial Services Ombudsman Bureau was started in 2005, following its establishment under the Central Bank and Financial Services Authority Ireland Act 2004. The Ombudsman is an independent officer in charge of investigating, mediating, and adjudicating any unresolved complaints from customers of forex brokers in Ireland and other financial services providers.
How do I know if a broker is really CBI regulated?
The quickest way to check if a broker is CBI regulated is to take a glance at their official website. In the footer of the webpage they’ll often display the regulators they’re associated with along with any license numbers.
To make sure this information is 100% legitimate, you can also cross-check it against the CBI website. If it’s missing from there, that’s a major red flag and you should contact the CBI to check the status of the broker.
Other brokers by regulation authority
Frequently Asked Questions (FAQs)
The CBI is the Central Bank of Ireland. As the name suggests, they’re in control of the financial institutions in Ireland, which puts them in a position of influence.
The Central Bank of Ireland has many activities, but when it comes to CBI regulated brokers their main job is to ensure that companies are acting lawfully. This means that any broker trying to defraud customers or deliver an unfair trading platform should be shut down.
Over the years, there have been some significant controversies attached to the CBI which has led to some people not trusting CBI regulated brokers as much as those in other countries, like brokers in the USA or Germany. But it is worth noting that the CBI threatened 20 companies with closure in 2016; a clear indication that they’re trying to keep things safe and rid the country of untrustworthy brokers.
Your first step to make a complaint is to contact the financial services provider. Hopefully, they’ll resolve the issue and you can carry on trading. If not, you’ll want to get in touch with the Financial Services Ombudsman, which was established in 2005. They’ll elevate your complaint and try to get you the results you’re after.
Most online brokers in Ireland which are CBI regulated will announce it clearly on their website. Usually, you’ll find the license number at the foot of the page, or possibly in an ‘About Us’ style section. If the website is lacking any clear information, you can always check out the CBI website itself for a full list of official, regulated brokers.
