Individual Accountability Framework Consultation Paper (CP153)March 2023
Following the enactment of the Central Bank (Individual Accountability Framework) Bill 2022 on 9th March, the CBI has launched a three-month consultation (CP153) on key aspects of the implementation of the Individual Accountability Framework (IAF). This includes the publication of draft Regulations and guidance.
The draft regulations and guidance seeks to provide clarity in terms of the Central Bank’s expectations for the implementation of three aspects of the framework: the Senior Executive Accountability Framework (SEAR), the Conduct Standards and certain aspects of the enhancements to the Fitness & Probity Regime.
The following implementation timeline is proposed:
- Conduct standards including accountability of senior individuals to apply from 31st December 2023
- Fitness & Probity Regime – Certification and inclusion of Holding Companies to apply from 31st December 2023
- Allocation of responsibilities and decision making to apply to in-scope firms from 1st July 2024
The consultation will remain open until 13th June 2023. The full Consultation Paper can be found here: Consultation Paper 153: enhanced Governance and performance and accountability in financial services