A new regime that would hold bankers accountable for their failings will improve the culture of the industry, according to a Central Bank executive.

Derville Rowland, the director general of financial conduct, says that introducing an accountability regime for financial services companies was crucial to ensure firms are properly regulated.

With this new regime Central Bank could fine, discipline, or disqualify senior bankers more easily when failings are apparent.

“What we would like to see is that the tone for a positive culture is set from the top at the firms, cascaded throughout the entire organisation — and echoed from the bottom up. We believe that these proposals to strengthen individual accountability are an important step in that direction,” said
Derville Rowland.

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