Firms warned to get a grasp of looming Central Bank rules

Over half of financial leaders aren’t sure whether claims related to their decision-making are covered by their firm’s insurance, survey finds

The Central Bank has said the new rules will enhance governance, performance and accountability in financial services. Picture: Fergal Phillips

A quarter of firms are yet to grasp the full legal implications of the upcoming Central Bank accountability rules, according to a survey.

The research from Dublin-based law firm Mason Hayes & Curran also found that 56 per cent of financial services leaders are unsure if they are protected by their firm’s insurance policies when it comes to claims related to professional decision-making.

The regulations, which allow for fines of up to €1 million for rule-breaking, among other liability measures for financial executives, will be coming into force from July 1 this year.