In the summer of 2013, the Central Bank of Ireland (CBI) obtained statutory powers to instruct regulated entities to appoint a third party or ‘skilled person’ to prepare a report in respect of any regulatory matter directed by CBI. The regulated entity appoints the ‘reviewer’ (subject to CBI approval) and is responsible for the management and remuneration of the reviewer with the final report provided both to the reviewer and to the CBI (in addition, potentially, to any interim working materials or supporting materials requested by CBI).

EY has considerable experience of carrying out ‘skilled person’ type reviews, whether in the UK under equivalent legislation (‘Section 166’ powers in force since 2000) or in Ireland where, despite the absence of a legislative structure, the CBI has commonly instructed regulated entities to appoint an independent party to review or oversee certain matters (recent PPI reviews would be one such example).

The appointment of a Skilled Person under the new Irish legislation must be approved by the CBI which will have regard to the skills, experience and independence of the proposed reviewer. EY draws on the breadth of its EMEIA-wide Financial Services Organisation to ensure that the correct team is assembled to meet the needs of our client and their regulators in the delivery of Skilled Person reviews.