Tuesday October 27, 2020

Central Bank learns a tough lesson in public

Matthew Elderfield is tightening his grip on client asset rules after dropping the ball with Custom House Capital, writes Jon Ihle.

24th March, 2012
Matthew Elderfield: the financial regulator wants to create a new regulatory team to bring the hammer down on any companies that break the rules. Photo: Feargal Ward

The Central Bank's plan to tighten up the regime for safeguarding client assets, spelled out in a long-awaited report last Friday, comes more than five years after "significant breaches" of client money regulations first came to light at Custom House Capital, the investment firm which misappropriated an estimated €90 million from its own customers.

Under new proposals contained in the report, deputy governor and financial regulator Matthew Elderfield is looking for new powers to appoint...

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