General Scheme FOR THE I.A. framework & sear

General Scheme of Central Bank (Individual Accountability Framework) Bill 2021 Released

​“The changes to Central Bank legislation will put individual accountability at the centre of decision making in financial services organisations. The provisions will ensure that there is clarity around the roles and functions of senior executives." Ireland's Minister of Finance, Paschal Donohoe

Using an image with a colour scheme reminiscent of a nearby overseas regulator with a similar senior executive regime, Ireland's Minister of Finance, Paschal Donohoe, has announced that today (27 July 2021) he has received agreement from Cabinet to approve the drafting of the Central Bank (Individual Accountability Framework) Bill, the main purpose of which is to improve accountability in the financial sector.

​What does this mean for regulated firms and individuals particularly senior executives? Read CompliReg's blog here, where you can download both the (i) General Scheme - Central Bank (Individual Accountability Framework) Bill and (ii) Regulatory Impact Assessment - Central Bank (Individual Accountability Framework) Bill.

Author: Peter Oakes, Founder of CompliReg a leading specialist governance, regulatory and compliance strategy firm.  Peter established and led the Enforcement and AML/Supervision Directorate of the Central Bank of Ireland as its inaugural Assistant-Director General, then later Director of Enforcement and AML/CFT Supervision. ​