The Central Bank's proposals for a Senior Executive
Accountability Regime, as part of its focus on 'behaviour and
conduct', are moving ahead.
"...the Central Bank is a strong advocate for
individual accountability – our regulatory focus in this area
reflects our concern that a lack of individual accountability is a
key cultural driver of misconduct"(1)
BACKGROUND
In December 2017, as part of its Response to the Law Reform Commission Issues Paper
"Regulatory Enforcement and Corporate Offences", the
Central Bank outlined the enforcement tools at its disposal (in
particular, its Administrative Sanctions Regime) and the
'gatekeeper' element of its Fitness and Probity Regime,
under which its prior approval is required before appointments to
46 different types of 'pre-approval controlled functions'
(PCFs) in regulated firms. It also recommended a
number of enhancements to the enforcement tools at its disposal,
and in particular "strongly recommend[ed] that
