Finance
Central Bank plans to fine individual bankers €1m would mean ‘financial ruin’, lobby group warns
Funds Ireland, which represents BlackRock and JP Morgan, has strongly criticised new laws that allow regulator to take action against individuals in authorised roles for the first time
Laws that allow the Central Bank to fine individuals up to €1 million for rule-breaking – and empower the regulator to go after a person’s assets – could result in “financial ruin” for workers in the financial industry, a powerful lobby group has warned.
Funds Ireland, which represents firms including BlackRock, Bank of America and JP Morgan, has strongly criticised parts of the enhanced Administrative Sanctions Procedure (ASP) – new rules that allow the Central ...