Central Bank says planned legislation should lower number of serious breaches by financial institutions

Regulator said while proposed legislation does not include plans for a formal financial whistleblower regime, such a practice is worthy of further discussion

The Central Bank has said proposed legislation should lower the number of serious breaches of conduct by financial services firms.

The Central Bank has said planned legislation should result in fewer serious regulatory breaches by financial services firms and strengthen its powers by allowing it to pursue executives for breaches even after they no longer work in the sector.

The regulator also said while the proposed legislation does not include plans for a formal financial whistleblower regime, such a practice is worthy of further discussion.