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ARTICLE · 13 JULY 2023

Individual Accountability For Fund Managers – Countdown To Jan 2024

William Fry LLP
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The introduction of an individual accountability framework (IAF) has been a key agenda item for the Central Bank since 2018...

IrelandFinance and Banking
Patricia Taylor
Patricia Taylor
Nessa Joyce
Nessa Joyce
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The introduction of an individual accountability framework (IAF) has been a key agenda item for the Central Bank since 2018, when it was recommended to address behaviour and cultural issues identified during a regulatory review of Irish retail banks.

Following the removal of the so-called participation hurdle by legislation signed into law on 9 March 2023 (the IAF Act), the Central Bank moved swiftly to publish its first consultation on the IAF Framework (CP153) on 13 March 2023. The consultation closed on 13 June 2023 and feedback is awaited.

On 21 April 2023, further implementation steps were taken with the publication of updated Central Bank regulations and guidance for F&P investigations, suspensions and prohibitions (the updated F&P procedures). The updated F&P procedures amend and replace the previous version and set out the Central Bank's approach to investigating controlled function (CF) role holders, including former CFs (for a period of up to 6 years

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