Individual Accountability Framework Directory

Foreword

Michael McGrath TD, Minister for Finance - Government of Ireland

The application and implementation of the Central Bank (Individual Accountability Framework) Act 2023 marks the conclusion of a detailed and involved consultation, legislative, and drafting period, where the Government, the Central Bank of Ireland and financial services firms and other stakeholders considered the key pillars of individual accountability across financial services in Ireland.

This Act contains a number of asks of both regulated financial service providers in Ireland as well as the key individuals who function within them to ensure that the provisions of the legislation are properly embedded by firms and individuals in order to enhance governance and standards of behaviour in regulated firms.

These asks are elaborated upon by the detailed draft Regulations and Guidance published by the Central Bank of Ireland in November 2023 which provides enhanced clarity to those working in the financial services sector.

The Department of Finance engaged at length with the Attorney General’s Office and the Central Bank of Ireland to ensure that the legislation is both effective and constitutionally robust. The additional powers that have been provided to the Central Bank are significant, and it is important that the correct balance between these powers and the protection of individuals’ constitutional rights is struck.