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ARTICLE · 05 OCTOBER 2021

Individual Accountability Framework And SEAR – Key Questions

Dillon Eustace
Dillon Eustace
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In July 2018, the Central Bank of Ireland (CBI) proposed an Individual Accountability Framework (IAF) which includes the Senior Executive Accountability Regime (SEAR) to be modelled ...

IrelandFinance and Banking
John O'Riordan
John O'Riordan
Peter Bredin
Peter Bredin
Karen Jennings
Karen Jennings
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For further information on any of the issues discussed in this publication please contact the related contact(s) on this page.

In July 2018, the Central Bank of Ireland (CBI) proposed an Individual Accountability Framework (IAF) which includes the Senior Executive Accountability Regime (SEAR) to be modelled on the United Kingdom's Senior Manager and Certification Regime.

The long awaited General Scheme of the Central Bank (Individual Accountability Framework) Bill 2021 (the Scheme) has now been published and the Cabinet has approved the drafting of the necessary legislation to implement the IAF.

What is the intention of the IAF?

The purpose of the IAF is to create a framework to facilitate individual accountability and responsibility, particularly for individuals performing senior executive functions (SEFs) within a regulated financial services provider (RFSP).

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