Oireachtas Joint and Select Committees

Wednesday, 3 November 2021

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

General Scheme of the Central Bank (Individual Accountability Framework) Bill 2021: Central Bank

Ms Seána Cunningham:

It is a proposed enhancement to the fitness and probity regime, which is our protective regime, which seeks to ensure that people who, as the Deputy has said, pose a risk to consumers or financial stability do not hold key functions in financial services. What the scheme is looking at is the idea of whether there should be a timeframe, after a person has left a controlled function in financial services, during which the Central Bank, nonetheless, could commence a fitness and probity investigation.