Bank regulators worldwide have been emphasizing personal liability for misconduct scandals. In a latest instance of such, Irish Finance Minister Paschal Donohoe recently received approval for the drafting of the Central Bank (Individual Accountability Framework) Bill, the main purpose of which is to improve accountability in the country's financial sector.
This bill will see the introduction of conduct standards, giving the Central Bank powers to set and impose binding and enforceable obligations on all Regulated Financial Service Providers, and individuals working within them, with respect to standards of conduct they are expected to follow.
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