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

Central Bank Governor Gabriel Makhlouf: The Central Bank says the enhanced ASP will help improve standards in the industry among both firms and individuals

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 ...