CP 116 Solution Now Ready
Further to our previous correspondence regarding BIS developing a solution to satisfy the requirements of CP 116 , we are very pleased to announce that this solution is now available on The BIS Platform .

The following steps are required for you to generate your customised link which can then be uploaded to your website.

  • Log in to The BIS Platform
  • Navigate to the Features Menu
  • Click User Preferences
  • On the right of the page (in the Tasks / Actions panel) > Click CP116 SetUp
  • At the top of this page you will see a link (e.g. https://www.bis-platform.com/ba/cp116_pdf.php?docref=cpxxxx) This will be your specific link - unique to your firm.
  • This link should be forwarded to your website developer or to the person who has access to the content of your website.
  • Once clicked, this link will open a pdf document with the respective terms from the product providers that you place business with.
  • Please note that while we have pre-filled the document in respect of a large number of providers where details have been received, you can add additional providers and their respective terms. Equally, if there are providers that you place business with that aren't on our list, please let us know and we will add them to the providers list accordingly.

To manually input terms for a specific provider or to override the generic terms yourself, complete the following steps:

  • Log in to The BIS Platform
  • Navigate to the Features Menu
  • Click User Preferences
  • On the right of the page (in the Tasks / Actions panel) > Click CP116 SetUp
  • Scroll down and on the left of the page > click on the relevant Provider (e.g. Aviva)
  • Enter your respective terms under the headings provided. We recommend using the percentage symbol (%) after the number and in the case of Trail Commission use p.a. after the percentage amount (e.g. 0.5% p.a.) to indicate a per annum payment.
  • Once you have entered the terms > click Save CP116 Data on the right of the page (in the Tasks / Actions panel)

Finally, on page 2 of the Summary Document, there are 4 areas that allow for specific text in relation to :

  1. Fees
  2. Preferred Provider Rates
  3. Other Fees, Administrative Costs/ Non-Monetary Benefits; and
  4. Your regulatory line that will appear on the last page of your document. This text can be entered at the top of the CP116 SetUp page and will carry into your summary document.

Once you have entered the relevant text > click Save CP116 Data on the right of the page (in the Tasks / Actions panel)

Costs:

There are 3 circumstances that apply here:

  • This solution is available to full users of The BIS Platform without any additional increase to your existing monthly subscription.

  • In light of the current challenging situation with COVID-19, we are extending this "without charge" approach for this solution to all firms that have some form of subscription payment in place with BIS. This will remain in place until the current COVID-19 crisis is over and we will contact you at that time to arrange payment.

  • If you do not have a monthly subscription in place with BIS, the subscription for this solution is set at €10 plus VAT per month payable by Direct Debit. To download our Direct Debit Mandate, please Click Here. If you would like to avail of the above service, please email us along with a scanned copy of the completed Mandate to [email protected].

If you have any queries, please do not hesitate to contact us by emailing [email protected] or call 01-4960006.

Please find below some useful links to details of CP 116 / Addendum to the Consumer Protection Code 2012

Addendum to the Consumer Protection Code 2012 -  click here
Central Bank of Ireland Consultation Paper CP 116 -  click here
Central Bank of Ireland Press Release -  click here