The new Individual Accountability Framework in Financial Services Ireland
In November 2023, UCD, in collaboration with Eversheds Sutherland, hosted a conference on the new Individual Accountability Framework in Financial Services in Ireland. Pictured above are Ciaran Walker of Eversheds Sutherland, Professor Elizabeth Sheedy of Macquarie University, Gerry Cross of the Central Bank of Ireland, Professor Blanaid Clarke of Trinity College Dublin and Dr Joe McGrath of UCD Sutherland School of Law.
The new Framework is set out in the Central Bank (Individual Accountability Framework) Act 2023. The conference brought together leading academics, industry leaders, practicing lawyers and representatives from the Central Bank of Ireland to discuss the implications of this major new development, which is aimed at improving governance and culture in financial services in Ireland. Drawing together national expertise and international experience, and harnessing insights from law and behavioural psychology, the aim of conferences such as this is to build a community of practice to share learnings to promote ethical behaviour and positive banking cultures. In particular, it serves to facilitate constructive engagement between academic experts, practitioners, regulators and policy-makers to address issues of importance to financial services in Ireland.
The conference was convened by Dr. Joe McGrath, Sutherland School of Law and Ciaran Walker, Eversheds Sutherland. Other contributors included Professor Niamh Moloney of the London School of Economics, Dr Wieke Scholten of BR Insights, Neil Freshwater, CEO, Zurich Insurance plc, Brian Hayes, CEO, Banking & Payments Federation of Ireland, Michael D’Arcy, CEO, Irish Association of Investment Managers, Dr Margaret Cullen of the Institute of Directors, Evelyn Cregan of the Institute of Bankers and Joanne Hyde and Sophie White, both partners in Eversheds Sutherland. The conference was opened by Professor Colin Scott, Registrar of University College Dublin since 1 December 2023.