Our second Individual Accountability Framework (IAF) readiness survey report was launched at our annual conference on Thursday. The Report has received coverage in today’s Irish Times.
“President of the Compliance Institute Diarmuid Whyte said at the organisation’s annual conference last week that the ‘application of these new rules needs to be both workable and proportionate’. The imbalance of information between a customer buying a financial product versus the organisation selling it is a well-known dichotomy. While it is imperative to protect consumers and the financial services sector, employees, regardless of seniority, are also entitled to the same level of protection – something which can sometimes be forgotten when this topic is debated.’
He added: ‘There is a clear need to hold directors and officials to a higher standard and ensure customer outcome focus is key. It is also a necessity that we do not lose high-calibre individuals for fear of the personal liability associated with a senior executive position. This would not only be a detriment to the financial services sector, but also those customers who we all strive to protect.’”