Regulation

Financial services sector fear new Central Bank accountability rules will harm top tier recruitment

New study found that 90 per cent of firms are concerned new rules would stymie executive recruitment

New rules were signed into law earlier this year - and evoked strong reaction within the banking sector. Picture: Fergal Phillips

The Central Bank’s controversial Individual Accountability Framework (IAF) will make it more difficult to appoint senior executives in the financial services industry, firms within the sector fear, according to new research.

The report - carried out by the Compliance Institute and Mazars - found that 90 per cent of financial services firms in Ireland feared the new rules, which gives the Central Bank of Ireland powers to administer sanctions on individuals in specific functions, known ...