In August 2004, legislation provided powers for the Financial Regulator to impose sanctions for prescribed contraventions of legislation or regulatory rules.
The Financial Regulator has issued 
Guidelines to the Administrative Sanctions Procedure, an Outline of the Administrative Sanctions Procedure and a Voluntary Reporting Guidance Note.pdf.
Examination
If the Financial Regulator has cause to suspect that a regulated financial service provider and/or person concerned in the management of a regulated financial service provider has committed/is committing a 'prescribed contravention' - defined in paragraphs 1.3 and 1.4 of the Outline of the Administrative Sanctions Procedure - it may conduct an examination into the issue.
Throughout the examination stage, the Financial Regulator will obtain information about the suspected prescribed contravention. Once the examination has concluded, a decision will then be taken about whether to establish an inquiry.
Inquiry
An inquiry may be held where there are reasonable grounds to suspect that there is or has been a prescribed contravention. The inquiry shall decide if the prescribed contravention has occurred and determine the appropriate sanctions.
Settlement agreement
The legislation provides that, at any time up to the conclusion of an inquiry, the Financial Regulator may enter into a binding settlement agreement with a regulated financial service provider and/or a person concerned in its management to resolve the matter. View previous Settlement Agreements
Where an entity/individual enters into such an agreement early in the pursuit of a sanctions case, the terms of the settlement will reflect the savings in time, resources and money that would result.
The Financial Regulator will not hesitate to use sanctions where appropriate. However, its goal is to resolve issues to the benefit of the consumer, speedily and efficiently.
Appeals
Administrative Sanctions Procedure decisions can be appealed to the Irish Financial Services Appeals Tribunal.