Plans to hold senior bankers accountable ‘must do more to encourage whistleblowers’

Financial union calls for greater emphasis on speaking out as part of proposals to improve accountability in banking sector

The Central Bank is planning new rules to hold senior finance executives accountable. Picture: Fergal Phillips

New rules aimed at holding senior bankers personally accountable for their conduct don’t go far enough when it comes to encouraging and protecting whistleblowers, a trade union has said.

The Financial Services Union (FSU) has said the Central Bank’s planned senior executive accountability rules have a “key weakness” when it comes to encouraging workers in the sector to speak out about misconduct or malpractice.

It has said the new regime – which forms part of legislation passed by the government in March – has a “complete lack of a focus” on whistleblowing, and urged the Central Bank to place a stronger emphasis on this issue.