- Central Bank enforcement strategy designed to promote principled and ethical behaviour
- Regulatory decision makers play key role in delivering on the Central Bank’s enforcement mandate
- Senior professional practitioners and business leaders sought for appointment as regulatory decision makers
The Central Bank of Ireland delivers its mandate of ensuring that the financial system operates in the best interests of consumers and the wider economy through regulation, supervision and enforcement. Through its enforcement work the Central Bank seeks to ensure that regulated firms and individuals are held to account where their behaviour fails to meet required standards.
The final step in the Central Bank’s enforcement processes, if a matter has not been otherwise resolved, for example by way of settlement, is to refer the matter for decision by an impartial decision maker. In this way, appointed decision makers play a key role in delivering on the Central Bank’s enforcement mandate.
The Central Bank is now preparing to appoint a new panel of decision makers who will be responsible for making fair decisions in the following regulatory regimes operated by the Central Bank:
- Administrative Sanctions Procedure inquiries.
- Securities market assessments under securities markets legislation.
- Certain decisions under the Fitness and Probity regime.
We are seeking applications from senior professional practitioners and business leaders with significant legal, accountancy, corporate governance, consumer protection, public sector and / or financial services expertise who would like to be considered for appointment. The panel will also comprise members of the Central Bank’s staff.
Director General Derville Rowland said: “Our vision is for a trustworthy financial system supporting the wider economy where firms and individuals adhere to a culture of fairness and high standards. The approach we take is a combination of high quality regulation, assertive supervision, effective gate-keeping and robust enforcement.
Our enforcement strategy is aimed at promoting principled and ethical behaviour by regulated firms and by those that work in those firms. The members of the Regulatory Decisions Panel will play an important role in the enforcement process in making fair and impartial decisions on the Bank’s behalf.”