Key Contacts: Simon O’Neill – Partner  |  Maria Kinsella – Partner

Our update on the newly published Central Bank (Individual Accountability Framework) Bill 2022, introducing business standards for Regulated Financial Services Providers (“RFSPs”), conduct standards for those in Controlled Functions (“CFs”) and additional conduct standards for Pre-Approval Controlled Functions (“PCFs”) is now available here.

As noted by Gerry Cross, Director of Financial Regulation, 21 February 2022 in an address to the Compliance Institute “The Framework is fundamentally about underpinning good conduct and high quality governance and culture within firms. It is about being clear who is responsible for what and ensuring that reasonable steps are taken to fulfil those responsibilities. It is aligned with what will already be sound practices at well-governed and organised firms. The framework is, and our approach to implementation of it will be, firmly founded in proportionality and what is reasonable.”

The Central Bank of Ireland are due to publish and consult on draft regulations under the Bill which will further elaborate on, business standards, inherent responsibilities and the allocation of responsibilities, governance arrangements for RFSPs and the ongoing certification of fitness and probity of CFs and PCFs by RFSPs. Relevant to RFSPs and senior executives, the framework will require significant focus and preparation mapping roles, training and embedding appropriate processes and requirements. The Philip Lee financial services team will keep you updated on progress of the Bill and the draft regulations once published.