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ARTICLE · 12 APRIL 2023

Individual Accountability & SEAR: Time For Action

William Fry LLP
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It is time for the regulated financial services industry to take action to progress preparations for individual accountability in this sector in Ireland, with the enactment on 9 March 2023...

IrelandFinance and Banking
Shane Kelleher
Shane Kelleher
Louise Harrison
Louise Harrison
Derek Hegarty
Derek Hegarty
Patricia Taylor
Patricia Taylor
John Aherne
John Aherne
Ian Murray
Ian Murray
Louise McNabola
Louise McNabola
Ciarán Herlihy
Ciarán Herlihy
Hilary Rogers
Hilary Rogers
Author LinkedIn connections

1. INTRODUCTION

It is time for the regulated financial services industry to take action to progress preparations for individual accountability in this sector in Ireland, with the enactment on 9 March 2023, of the Central Bank (Individual Accountability Framework) Act 2023 (the Act).

The Act lays the foundations of an individual accountability framework (IAF) comprising of four pillars:

  1. Conduct standards.
  2. Enhanced fitness and probity (F&P) regime.
  3. Reforms to simplify regulatory enforcement against individuals.
  4. The senior executive accountability regime (SEAR).

On 13 March 2023, the Central Bank of Ireland (the Central Bank) published a consultation paper CP153 (CP153) together with draft regulations and extensive draft guidance on the IAF and launched a three-month consultation period closing on 13 June 2023.

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