Round­wood in­sur­ance agent’s pro­hi­bi­tion no­tice set to ex­pire

Bray People - - NEWS -

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.

Newspapers in English

Newspapers from Ireland

© PressReader. All rights reserved.