Compliance Institute was featured in media coverage both online and in print in the Irish Independent today.
Your personal finance questions – If one of us dies the other won’t be able to pay the rent, can we get insurance? Irish Independent Online
Plus, do you need to pay tax on compensation, and what are the Central Bank’s new rules to help protect consumers?
Q: I understand new rules are being rolled out by the Central Bank this year which will put more onus on financial services providers to act in the best interests of consumers. Can you tell me what these new rules are and how exactly they will benefit me as a consumer?
A: The new rules you mention are being rolled out under the Central Bank Act (Individual Accountability Framework) 2023, which was signed into law earlier this year and will come into force on a phased basis over the next few months.
This new law introduces a number of measures which should underpin sound governance across the financial services sector which ultimately, consumers should benefit from, according to the chief executive of the Compliance Institute Michael Kavanagh.
The new legislation gives the Central Bank new powers to hold individuals accountable for willful wrongdoing in the financial sector.
It will also give individuals working in financial services better guidance around what they are responsible for. It will set out clearly the good practices expected of regulated firms and of the senior individuals running these firms.
It will also require that enhanced conduct standards are put in place for all staff so they act with honesty and integrity; due skill, care and diligence; and in the best interest of customers.