Rathbones Ireland obtains approval to serve clients across EU
Rathbones has received a Markets in Financial Instruments Directive (MiFID) licence from the Central Bank of Ireland.
The authorisation allows its Dublin-based subsidiary, Rathbones Ireland, to provide services to clients in Ireland and elsewhere in the European Union.
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Dolores Geaney heads Rathbones Ireland. She joined Rathbones in April to set up and manage its European operations.
Geaney said: “Ireland is a natural home for Rathbones’ European business: an internationally connected market with deep financial expertise and strong links across the EU. Our focus now is to build a distinctive, client-led business from Dublin — working with clients, advisers and partners who need thoughtful investment management and long-term support across increasingly international lives.
Rathbones wealth CEO Camilla Stowell said: “Securing our Irish licence is therefore central to what we do. It gives Rathbones a firm base from which to support clients in Ireland and across the EU, combining local presence with the investment expertise, financial planning and personal relationships of the wider Group. Our ambition is to help clients make confident long-term decisions as their lives and wealth move across borders.”
Notably, in June, Rathbones Group suspended the take-on of new clients needing enhanced due diligence and has also halted some fresh money from existing higher-risk clients.
The review pointed to weaknesses in the firm’s UK wealth management arm in how Consumer Duty has been put into practice and embedded, along with parts of its compliance, oversight and assurance framework.
For a period of up to 12 months, the group said it would impose “a voluntary pause to the onboarding of new clients that require Enhanced Due Diligence (“EDD clients”) whilst the Group focuses on implementing changes to its procedures and controls”.
