Draft legislation approved to improve accountability in financial sector

Central Bank to set and impose binding and enforceable obligations on all Regulated Financial Service Providers and individuals working within them with respect to expected standards of conduct

Finance Minister Paschal Donohoe has received agreement from his Cabinet colleagues to approve the drafting of the Central Bank (Individual Accountability Framework) Bill. Picture: Sam Boal / RollingNews.ie

The Government has approved draft legislation that obligates banking firms and senior individuals within to set out clearly where responsibility and decision-making lies.

Finance Minister Paschal Donohoe received approval this week for the drafting of the Central Bank (Individual Accountability Framework) Bill, the main purpose of which is to improve accountability in the financial sector.