The Central Bank (Individual Accountability Framework) Bill sets out new requirements in respect of senior executives working in the financial sector. Under the Bill, regulated financial service providers ("RFSPs") are required to report to the Central Bank which senior executives are responsible for key roles and responsibilities within their business and of particular note, removes the 'participation link' in the Administrative Sanctions Procedure, which effectively dispenses of the requirement for the Central Bank to prove breaches against a firm before it can sanction an accountable individual.
