Central Bank of Ireland – Recent speech looking at the Evolution of EnforcementOctober 2021
Director General Derville Rowland gave the keynote speech at the A&L Goodbody Corporate Crime and Regulate Summit on 13th of October 2021.
In the speech Ms Rowland reflected on the past decade which saw the dedicated Enforcement Division established and also looked to the future – most notable referring to the Central Bank (Individual Accountability Framework) Bill 2021.
The key focus of financial regulation is a stable and trustworthy financial system which looks after the needs of customers and the wider economy. The Central Bank has many functions and a key part of the supervision process is use of the enforcement powers where necessary.
Ms Rowland noted “In terms of overall outcomes, as at the end of September 2021, we have concluded 144 enforcement actions, imposing fines amounting to over €166.5 million. We have disqualified 26 individuals from senior roles in firms. These figures speak beyond the credible threat of enforcement to the effective use of enforcement powers to address serious wrongdoing.”
In relation to the General Scheme of the Central Bank (Individual Accountability Framework) Bill 2021, Ms Rowland noted “The various separate aspects of the Framework complement each other to achieve the ultimate goals of better outcomes for consumers and a more sustainable financial system by driving higher standards of behaviour for individuals in financial services firms.” In due course once the legislative process has taken place a consultation process will follow.
It is clear the Central Bank will continue its focus on a credible threat of enforcement and looking to enhance the role of culture and accountability within firms.
For the full speech please see here: