Roundwood insurance agent’s prohibition notice set to expire
THE Central Bank blocked an insurance intermediary from Roundwood from operating for a two-year period after discovering financial irregularities.
The Prohibition Notice was effective as of 23 February 2015 and ends next week.
The notice prohibited Colette Murphy of Hunter’s Moon, Knockfadda, Roundwood, a sole trader insurance intermediary, from performing certain pre-approval controlled functions for a period of two years.
Ms Murphy agreed to comply in full with the prohibition notice.
The prohibition notice was only announced publicly in January by the Central Bank.
The Central Bank found that ‘Ms Murphy’s management and documentation of the petty cash of a regulated financial service provider was not in accordance with good operational controls and good accounting practice and the manner in which Ms Murphy sought recompense from the petty cash box was irregular and displayed poor judgement.
‘Ms Murphy diverted client funds which were due to be refunded to a client for her own benefit, in circumstances where she was aware or ought to have been aware that what she was doing was wrong, and in doing so, displayed poor judgement and an inability to discharge her duties,’ the bank’s statement continued.
The Central Bank also found that Ms Murphy participated in serious misconduct in relation to the business of a regulated financial provider.