Buck to stop with board of directors, says regulator

THE “buck stops with the board of directors” for banks and insurance companies under tough new rules by Financial Regulator Matthew Elderfield.

They will be introduced on January 1 and will be tougher than those anywhere else in the world, Mr Elderfield said.

“The buck stops with the board of directors. We need to learn the lessons of the financial crisis by improving corporate governance practices in the financial services sector in Ireland,” he said.