BPFI welcomes the opportunity to contribute to the CBI’s Consultation Paper CP153 – Enhanced Governance, Performance and Accountability in financial services Regulation and Guidance under the Central Bank (Individual Accountability Framework) Act 2023 (the “IAF”). BPFI previously welcomed the proposal to introduce an enhanced individual accountability regime in our submission to the Department of Finance (October 2018), at our appearance before the Oireachtas Committee on Finance, Public Expenditure and Reform and Taoiseach (March 2019) and in our submission to the Committee on Pre-Legislative Scrutiny of the General Scheme for the Central Bank (Individual Accountability Framework, IAF) Bill 2021 (October 2021)
BPFI members have been working with stakeholders over the past number of years to improve corporate governance in the banking sector in Ireland. We are supportive of the introduction of the IAF and members agree that the IAF, when finalised, will benefit financial services, customers, the sector more broadly, and contribute to further enhancements to the culture of accountability in firms, bringing further clarity for individuals in respect of the standards of conduct which they are expected to meet.
For further information please contact: Bernice Evoy, Solicitor, Head of Legal & Regulation, Banking & Payments Federation Ireland, email Bernice.evoy@bpfi.ie
