Individual Accountability Framework (IAF)

Objectives

On completion of this tutorial, you will be able to:

  • Recognise why the Individual Accountability Framework (IAF) is needed

  • Describe the Senior Executive Accountability Regime (SEAR)

  • Identify the Conduct Standards

  • Explain the enhancements to the Fitness & Probity (F&P) Regime

  • Describe the amendments to the Administrative Sanctions Procedure (ASP)

  • List the obligations of firms and CF role holders under the IAF

Tutorial Overview

The Individual Accountability Framework (IAF) is one of the most significant regulatory developments in Ireland in recent times. Its overarching objective is to improve governance, performance and accountability in relation to regulated financial service providers and their management/employees. By establishing a clear framework as to who is responsible for what within these firms, the reforms will encourage greater individual accountability and enhance the Central Bank’s ability to hold individuals to account when their conduct or performance falls below regulatory expectations.

This tutorial describes the IAF in detail, with particular focus on the key areas covered by the new rules – the Senior Executive Accountability Regime (SEAR), Conduct Standards, enhancements to the existing Fitness & Probity (F&P) Regime and modifications to the Administrative Sanctions Procedure (ASP).

Prerequisite Knowledge

None

Tutorial Level

Introductory

Tutorial Duration

60 minutes