As readers will be aware from our previous briefing, the Central Bank (Individual Accountability Framework) Bill 2022 (Bill) completed Committee Stage of Dáil Éireann in December 2022.
On 1 February 2023, the Bill completed the Report Stage and Final Stage of the Dáil and has now been sent to the Seanad for its consideration.
Minister McGrath commented that "The passage of the Bill by Dáil Éireann will be a significant milestone in our efforts to introduce greater accountability in the financial services sector. This Bill is the latest step in enhancing the Central Bank's regulatory powers. The transformation of culture in financial services organisations has been a key focus of financial regulators internationally in recent years and this Bill will place the Central Bank of Ireland among the most forward looking of these regulators."
The Bill will be considered by the Seanad over the coming weeks. Once it has been enacted, the Central Bank intends to publish a consultation paper containing draft regulations which will provide more granular detail on how the Central Bank proposes the individual accountability framework must be complied with. Minister McGrath has encouraged all industry participants to "engage constructively with this consultation process".
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