A round-up of today's other stories in brief...

Quarter of financial intermediary firms comply with requirements

Only a quarter of financial intermediary firms fully comply with the minimum competency requirements set by the Central Bank, writes Laura Slattery.

According to the results of inspections of 20 firms, just five firms complied in full with the requirement for people who provide advice on or sell financial products to hold a recognised qualification or have sufficient experience in the industry.

The minimum competency requirements, which came into effect in January 2007, also require employees of financial intermediary firms to undertake continuing professional development (CPD) programmes on a regular basis.

The Central Bank found that three of the 20 firms did not meet the requirements on a range of issues, while for the remaining 12 firms, the majority of the breaches related to a lack of documentation. A number of firms were found to not have correctly certified individuals.

Services exports fall €1.3bn in 2009

Irish services exports fell in 2009, increasing the service deficit to €8.4 billion, according to figures from the Central Statistics Office.

Total service exports declined by €1.3 billion to €66.6 billion, with the financial services sector among the worst hit, falling by €880 million. Tourism and travel was also down, falling by €780 million.

Total service imports fell by €568 million to €75.1 billion, with advertising and market research services down €780 million, and tourism and travel falling by €760 million. Royalties and licences payments rose to €25 billion.

The majority of exports were to European countries, which accounted for €46.17 billion. However, Asian countries overtook North America to come in as the second largest destination for service exports, at €4.7 billion.

The figures also noted a rise to €1.5 billion of service exports to China, while imports fell to €237 million.

National Monitoring

An article in yesterday’s edition, entitled Cavan Land: The Speculators, said that Monaghan businessman Charlie McGuinness owns an alarm firm called National Monitoring.

In fact, the firm was taken over from Mr McGuinness by businessman Marc Mullen in 2007.

BoSI gets approval to cease operating

A High Court judge has cleared the way for Bank of Scotland Ireland (BoSI) to cease operating here. Pending approval by the Scottish courts the bank will be absorbed into Bank of Scotland plc. The planned merger will now go before the Scottish courts.