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Financial Services: Individual Accountability Draws Closer

Director Factsheets

This Factsheet is Courtesy of McCann FitzGerald LLP

The draft legislation to introduce an individual accountability framework in the provision of regulated financial services in Ireland has been published. When the draft law is implemented, the responsibilities of key personnel in regulated financial service providers will have to be clear and documented. Regulated financial service providers, and those performing controlled functions and pre-approval controlled functions within them, will be subject to new conduct standards and senior executives will have to take reasonable steps to ensure that their firm does not breach its obligations under financial services legislation. 

The Bill provides for: the creation of a senior executive accountability regime (“SEAR”); the introduction of new conduct standards for both regulated businesses and many of their personnel; an enhanced fitness and probity regime; and expansions to the powers of the Central Bank of Ireland (including the Administrative Sanctions Regime).