Rogue banker law is a ‘game changer’ says new barristers’ financial services group
19th July 2022
Legislation aimed at reining in rogue bankers and brokers will be a “game changer” and the legal profession needs to gear up for the impact of the new laws according to the chair of the new Financial Services Bar Association (FSBA).
The FSBA is one of a number of specialist bar associations aimed at promoting the expertise of barristers in discrete areas of the law and to counter the strong tendency among some solicitors to tap a small pools of senior lawyers for cases despite wider expertise among members of the profession.
Its chair Senior Counsel John Breslin said the Senior Executive Accountability Regime (SEAR) legislation due to be published imminently to make individual directors and managers of banks and financial services companies personally liable for regulatory breaches by their firm will be a significant focus for lawyers.
FSBA’s first conference, on November 3 this year, will bring together specialist solicitors, leading in-house counsel and regulators as well as barristers to understand the implications of the change.
SEAR is aimed at making it easier for the Central Bank to bring administrative sanctions proceedings against a regulated firm’s management including individual penalties for decision makers’ who are found to have acted improperly.
Finance Minister Paschal Donohoe brought the key bill to put the measures in place to cabinet earlier this month.
The Central Bank (Individual Accountability Framework) Bill will give greater powers to regulators to punish individual misconduct.
It will also allow the Central Bank to act against executives who break rules even if their firms are not implicated .