Banking

One in four financial experts fear new Central Bank powers risk ‘ruin’ for workers

More than two thirds of survey respondents agreed with new rules, which will allow the Central Bank to fine individuals up to €1 million for rule-breaking

The Individual Accountability Framework Act was signed into law last March as part of the regulator’s move to clamp down on corruption in the financial services industry. Picture: Fergal Phillips

A quarter of financial compliance experts believe that new Central Bank rules could result in “financial ruin” for workers, according to a survey by the Compliance Institute.

The survey of 175 compliance financial services professionals relates to laws that will allow the regulator to fine individuals up to €1 million for rule-breaking and empower the regulator to go after a person’s assets.

More than two thirds of those surveyed, however, agreed with the new powers ...