Banking sector and regulator set for showdown

Ireland’s banking industry is on a collision course with the Financial Regulator over the latter’s plans to begin a formal review process of the controversial area of compliance statements.

The Financial Regulator is set to begin a consultation process on the issue before Christmas, under an enabling provision granted to it in the CBFSAI Act 2004. The move has met with opposition from the Irish Bankers Federation, whose chief executive Pat Farrell said ...