Analysis: Draft legislation brings individual accountability for financial sector misconduct a step closer

Executives could be fined up to €1 million and barred from working in the sector if they breach financial conduct rules under proposed new law

Paschal Donohoe, the Minister for Finance, said the main purpose of the legislation was to improve approve accountability in the financial sector. Picture:

Paschal Donohoe, the Minister for Finance, had promised to publish the long-awaited draft legislation for tougher penalties for individual executives in the financial sector, and he managed to do so at the cabinet’s last meeting before the summer break. Approval was given for a new financial conduct regime.

It is too late to deal with the 16 senior executives in Davy, the stockbroking firm, who bought Anglo bonds being sold by a client, developer Patrick ...