Department of Finance publishes General Scheme of the Central Bank (Individual Accountability Framework) Bill 2021

 

29 July 2021

The publication of the General Scheme of the Central Bank (Individual Accountability Framework) Bill 2021 on Tuesday is the first step in the introduction of a senior executive accountability regime (SEAR) in Ireland. The goal of the Individual Accountability Framework is for better outcomes for consumers and a more sustainable financial system by driving higher standards of behaviour for individuals in financial services firms.

 

Over the past year we've delivered a number of webinars to support and prepare our members for the new regime, including:

  1. ‘An Introduction to SEAR/Fitness & Probity/Culture & Behaviour’ which introduced Fitness and Probity requirements, the Senior Executive Accountability Regime and regulatory expectations in relation to culture and behaviour;
  2. ‘Fitness and Probity’  which examined Fitness and Probity regulations in more detail and provided an overview of the key governance considerations across the financial services sector;
  3. ‘Culture & Accountability’ which provided an overview of the employment and regulatory considerations and challenges faced by firms dealing with the increased focus on culture and accountability; and
  4. ‘Senior Executive Accountability Regime - Lessons Learned from the UK’ which examined the UK’s Individual Accountability Regime and provided practical tips that can be used during the introduction of SEAR into Ireland;

 

All past ACOI webinars are available to members in the ‘Presentations and Speeches’ of our Library.

The Compliance Files

In Episode 16 of the Compliance Files, James Meagher, Head of Compliance and Conduct Risk at Permanent TSB and Orla O'Connor, Chair and Partner, Finance and Financial Regulation, Arthur Cox and ACOI President, Kathy Jacobs discussed the legislative and regulatory framework for Fitness and Probity, the Central Bank's Dear CEO Letters, changes to the F&P regime given the imminent approach of the SEAR regime and what firms should do in anticipation of and preparation for SEAR. To listen to this episode, click here.

For more information from the Department of Finance on the publication of the Bill, click here.

For the Central Bank’s full response to the Bill, click here.

Keep an eye on  acoi.ie , your inbox and social media for additional events to support you with this new regime.

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