Banking

Firms obliged to retain data on top bankers for 10 years under new accountability rules

Central Bank will now require companies to retain ‘statements of responsibilities’ on top decision-makers

The Central Bank is implementing sweeping new rules on banker accountability. Picture: Bryan Meade

Financial services firms will have to hold onto key information about senior officials for 10 years under new rules designed to increase individual accountability in the sector.

The Central Bank of Ireland (CBI) will now require companies to retain “statements of responsibilities” on top decision-makers – documents setting out their roles and responsibilities – for a decade after it is drawn up.

The move is part of the regulator’s ongoing implementation of a new individual ...