BPFI Statement re Individual Accountability Framework

Banking & Payments Federation Ireland (BPFI) welcomes today’s Government announcement which will pave the way for the introduction of an individual accountability framework including a senior executive accountability regime (SEAR).

Brian Hayes, Chief Executive, BPFI said: “BPFI and its member banks fully support the introduction of an individual accountability framework as part of a wider goal to develop the highest possible standards of conduct and culture across the banking sector.”

“Considerable work has already been undertaken by the industry in order achieve these standards as a result of full compliance with the Central Bank’s Fitness and Probity regime, work with the Irish Banking Culture Board, in addition to the significant investment which banks have made in their own organisations and people to create an open and inclusive culture.”

“In fully supporting the development of an individual accountability framework, and, in the interests of delivering a fully effective SEAR, we believe that as the framework evolves, it should be proportionate and should neither hinder the attraction of talent to the sector nor impact in a negative way on mobility and diversity within banks. Sufficient time for its implementation will be required, ensuring clarification around executive versus non-executive roles and the provision of clear guidance on the structure and responsibilities for individuals.”

“BPFI looks forward to engaging with all stakeholders to ensure that the new framework works well in practice and can be effectively implemented. With the right checks and balances in place we believe the framework will enhance culture and conduct across the sector.”

Article Published: 29/07/2021