Individual Accountability Framework
Tue Mar 14 2023
Following enactment of the Central Bank (Individual Accountability Framework) Bill 2022 on the 13th of March, the Central Bank of Ireland launched a three-month consultation on key aspects of the implementation of the Individual Accountability Framework (IAF), including the publication of draft Regulations and guidance. The framework contends three aspects: the Senior Executive Accountability Framework (SEAR) which is not relevant to intermediaries, the Conduct Standards and certain aspects of the enhancements to the Fitness & Probity regime which are applicable to intermediaries.
Closing date for submissions is the 13th of June.
The following implementation period is proposed:
- Conduct Standards including accountability of senior individuals for running their parts of the business effectively to apply from 31 December 2023;
- Fitness & Probity Regime – Certification and inclusion of Holding Companies to apply from 31 December 2023;
- Regulations prescribing responsibilities of different roles and requirements on firms to clearly set out allocation of those responsibilities and decision making to apply to in-scope firms from 1 July 2024.
Brokers Ireland are currently reviewing the consultation and draft guidance and will be making a submission to the Central Bank. Further update will be provided in due course, if members have any feedback or comments for inclusion in the submission, please email compliance@centralbank.ie
