Financial sector executives could be suspended for 30 months while being investigated

The new rule increasing the maximum suspension from six months is part of legislation to introduce tougher penalties for individual executives in the sector

3rd August, 2021
Financial sector executives could be suspended for 30 months while being investigated
Paschal Donohoe, the Minister for Finance, secured cabinet approval for tougher penalties for individual executives in the financial sector last week

Senior executives in banks, insurance companies and investment firms who are being investigated by the Central Bank could face suspensions of up to two and a half years while the probes are being carried out.

This represents a substantial increase on the current maximum suspension of six months for an individual who is under investigation.

The Central Bank will still be able to suspend executives for only six months initially but will then be able...

Subscribe from just €1 for the first month!

Currency

What's Included

With any subscription you will have access to

  • 971569B3-2C5E-4C45-B798-CEADE16987A8

    Unlimited multi-device access to our iPad, iPhone and Android Apps

  • 099C8662-C57C-42F2-9426-F2F90DF17C8F

    Unlimited access to our eReader library

  • 198AE43B-B9CF-4892-8769-D63C2104BA08

    Exclusive daily insight and opinion seven days a week

  • D8F37B78-25E4-4E4A-A376-4F5789B1564A

    Create alerts to never miss a subject that matters to you

  • B15F2521-37CD-4E02-B898-730A20D39F7F

    Get access to exclusive offers for subscribers on gifts and experiences

  • A564FE02-1AB8-4579-AF9D-BA32A2E5ACA7

    Get content from Business Post, Business Post Magazines, Connected, Tatler and Food & Wine

Related Stories

Centre of excellence for sustainable finance to be launched this week

Buying now and paying later is adding up to big business

EML Payments sets aside €7m for Central Bank investigation into Prepaid Financial Services

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