Read IoD Ireland’s formal submission to the Administration Sanctions Procedure (ASP) Consultation. This consultation is now available exclusively for IoD Ireland members.
As noted in our Individual Accountability Framework (IAF) submission, IoD Ireland understands the historical and social context behind the regulatory objectives of the IAF Act, IAF Regulations and the IAF Guidance and, specifically, lessons learnt from the global financial crisis when governance deficiencies and insufficient accountability were revealed. IoD Ireland’s focus in considering ASP is not on bad faith actors who set out intentionally to breach individual or firm obligations and/or to harm customers or investors but for good faith actors who might find themselves the subject of an investigation / inquiry under the ASP.
We are responding to this consultation as the representative body for directors in Ireland. Many of our members fall within the scope of IAF/SEAR and as such the ASP is directly relevant to them. The comments and observations provided within this response focus predominately on the potential implications of the ASP, as amended, on individual directors and senior executives working within the financial services industry who have endeavoured to act in good faith. This response builds on our response to IAF which we submitted to the Central Bank of Ireland (CBI) on 12th June 2023. We requested the CBI consider our submission to IAF in tandem with this submission.