Central Bank launches Consultation Paper seeking views on enhanced enforcement process

22 June 2023 Press Release

Central Bank of Ireland

The Central Bank of Ireland has today (22 June) launched a 12 week consultation on enhancements to the Administrative Sanctions Procedure (ASP).

The Central Bank (Individual Accountability Framework) Act 2023 was signed into law on 9 March 2023 and introduces a number of important changes to the ASP, which underpins and supports the Individual Accountability Framework (IAF). The IAF includes four key elements:

  1. The Senior Executive Accountability Regime;
  2. Conduct Standards;
  3. Enhancements to the current Fitness & Probity Regime; and
  4. Enhancements to the Administrative Sanctions Procedure.

The Central Bank recently completed a separate consultation on how to implement the first three elements of the IAF.  

The IAF builds on the Central Bank’s existing enforcement powers, and enhances the Central Bank’s ability to hold both firms and individuals to account.

The purpose of the consultation launched today is to seek views on the revised procedures in the ASP following the introduction of changes under the IAF Act and to provide guidance in an open and clear manner as to how the Central Bank proposes to operate these revised procedures.

In relation to the launch of this consultation, Director of Enforcement and Anti-Money Laundering, Seána Cunningham, said “We want to hear stakeholders’ views on our proposals. The Central Bank is committed to being open and engaged so that we can ensure the proposed enhanced ASP guidelines provide practical and clear guidance to firms and individuals on how the ASP will operate.

“We want to hear from interested parties ranging from firms, to staff, representative bodies, industry consultancies, service providers, financial services customers, shareholders, investors, civil societies and any other members of the public.

The consultation will remain open for 12 weeks from 22 June to 14 September. Following this period, the Central Bank will review all feedback received on Consultation Paper 154 and prepare a Feedback Statement for publication online.

Note to editors

  • The Consultation Paper can be found on our website here.
  • A launch event associated with CP 154 will take place on Wednesday 5 July in conjunction with the Law Society of Ireland.
  • Broad information on the Individual Accountability Framework can be found on our website at www.centralbank.ie/IAF.
  • Following enactment of the Central Bank (Individual Accountability Framework) Bill 2022 on 9 March, the Central Bank issued a previous Consultation Paper 153 titled “Enhanced governance, performance and accountability in financial services - Regulation and Guidance under the Central Bank (Individual Accountability Framework) Act 2023”. This consultation closed on 13 June 2023.
  • It is the policy of the Central Bank to publish all responses to its consultations on its website. Accordingly, commercially confidential information should not be included in consultation responses. Information deemed potentially libellous or defamatory will not be published. The Central Bank will accept no liability in respect of any information provided, which is subsequently released, or in respect of any consequential damage suffered as a result.