How to manage: New rules on individual accountability for misconduct in financial sector could create better company culture

While the proposed legislation may not result in an increase in enforcement action, it is likely to focus the minds of senior executives on the implications of their actions

6th August, 2021
How to manage: New rules on individual accountability for misconduct in financial sector could create better company culture
Industry feedback from Britain and Australia, where a broadly similar regime was introduced in 2018, suggests that Ireland’s new system is likely to have a positive effect in terms of individual responsibility and improving overall governance

Last month, Paschal Donohoe announced the publication of the heads of the long-awaited Central Bank (Individual Accountability Framework) Bill. Its aim is to significantly enhance individual accountability in financial services in Ireland and to “drive a culture of positive behaviour” among those who work in them.

The Minister for Finance said the proposed legislation was “part of the ongoing work to restore trust in these institutions”, and he had a point. The relative...

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