Irish Funds Asset Manager Forum – Central Bank of Ireland FMC Delegation Review Report Launch

Irish Funds was pleased to bring together member firms and representatives from the Central Bank of Ireland at PwC for the launch of the Central Bank’s Fund Management Company (FMC) Delegation Review Report.

The report was formally launched by Deputy Governor Mary-Elizabeth McMunn, followed by a discussion with Irish Funds Chair Andrea Kelly on the report’s key findings, supervisory expectations and implications for Ireland’s funds and asset management industry.

In her remarks, Deputy Governor McMunn highlighted the review in the context of a rapidly evolving operating environment for the funds sector, emphasising the importance of resilience, strong governance, effective risk management and clear accountability as firms respond to ongoing geopolitical, technological and market developments.

She also recognised delegation as an important feature of the European funds model, while reiterating the principle that responsibility and accountability cannot be delegated and must remain with Fund Management Companies (FMCs).

Read the full speech by Deputy Governor McMunn.

The report presents the findings of the Central Bank’s 2025 review of FMCs and examines a number of key thematic areas, including:

• Governance

• Portfolio and risk management

• Oversight of delegates and sub-delegates

• Data capabilities

It also outlines the Central Bank’s expectations for firms as they review their existing frameworks and operating models.

The findings reinforce the importance of robust governance structures, effective oversight of delegates and sub-delegates, clear accountability within FMCs, operational resilience, contingency planning and the use of timely and accessible data to support effective decision-making and risk management.

The strong turnout and quality of discussion at the event reflected the significance of the report and the industry’s continued commitment to maintaining high standards of governance, resilience and investor protection.

Irish Funds thanks Deputy Governor Mary-Elizabeth McMunn, Irish Funds Chair Andrea Kelly FCA, PwC Ireland for hosting the event, and all attendees who contributed to the discussion.

Irish Funds will undertake a detailed analysis of the report and continue engaging with member firms as they consider the findings and implications for their businesses. Irish Funds also looks forward to ongoing engagement with the Central Bank as the findings inform future policy development and the planned review of FMC guidance.