Which body is primarily responsible for granting permission to provide advice on collective investment funds (UCITS)?

• A. Central Bank.
• B. Competition and Consumer Protection Commission.
• C. Department of Finance.
• D. European Central Bank.

Answer: (A)

Giving investment advice on UCITS is a licensing function handled by the national financial regulator responsible for supervising investment firms. This regulator assesses whether an adviser meets the necessary fitness, probity, and conduct requirements and then grants the authorisation to operate. In Ireland, that regulator is the Central Bank of Ireland, which licenses and supervises firms that provide investment advice, including advice on UCITS funds.

The other bodies have different roles: the Competition and Consumer Protection Commission focuses on consumer protection and competition matters, not licensing of investment advisers; the Department of Finance sets policy and legislation but does not grant individual authorisations; the European Central Bank oversees banks at the euro-area level, not licensing individual investment advisers.