Making An Appeal To The Irish Financial Services Appeals Tribunal

The Irish Financial Services Appeals Tribunal ("IFSAT") is a statutory appeal tribunal which decides appeals from a broad range of decisions made by the Central Bank of Ireland ("CBI"). The statutory source of its powers and functions is Part VIIA of the Central Bank Act 1942 ("CBA 1942"). The types of appeal it deals with include refusals to grant certain types of authorisation or licence, the revocation of certain types of authorisation or licence, the imposition of administrative sanctions and the making of certain types of direction. Procedure and Process IFSAT comprises a Chairman (a former Supreme Court judge) and a Panel of Appeal Member (comprised of lawyers mainly from non-banking/financial services areas of practice). IFSAT also has a Registrar. None of its staff are full-time as it is an ad hoc tribunal. CBA 1942 requires IFSAT to deal with cases as expeditiously and cost-effectively as possible consistent with requirements of basic fairness. Its procedures are intended to be as informal as possible. It is not bound by the rules of evidence. Unlike a judge, the tribunal members can inform themselves separately of issues – although fair procedures would require them to tell the parties and invite submissions. In spite of this, IFSAT does act with a certain degree of formality consistent with ensuring effective case management. It has its own rules of procedure: the Irish Financial Services Appeals Tribunal Rules 2008 ("IFSAT Rules"). In practice, IFSAT's procedures are not dissimilar to those employed by the Commercial Court. For example, there will usually be an initial hearing to give directions and CBI may well be ordered to make discovery (as may the appellant) and the parties will be exhorted to agree as many issues as possible in advance of the hearing. An appeal is instituted by a particular form and CBI will respond on a set form. Time periods are tight and are, of course, expected to be followed. Although the IFSAT Rules allow for interlocutory hearings on issues as required, the tendency is to have a single directions hearing and the full hearing as soon as possible thereafter. Although the process is paper-based to a significant extent, oral evidence is usually heard at the hearing. However, as noted, the tribunal will have read the papers in advance and will expect the parties to narrow the issues – otherwise it can take the initiative in this regard. CBA 1942 requires the hearing normally to be in public but IFSAT has...