Whilst the consolidation of the policy framework is a primary strategic priority for 2019-2021, the Strategic Plan refers to two significant challenges that call for particular strategic focus namely, Brexit and the implementation of the Central Bank’s new approach to financial conduct regulation.
For the next three years, the Central Bank will focus on five strategic themes: strengthening resilience so the financial system is better able to withstand external shocks and future crises; Brexit; strengthening consumer protection; engaging with stakeholders and the public to inform the Central Bank’s work and build trust and influencing decisions and policies outside Ireland; and enhancing organisational capability to ensure efficient delivery of the Central Bank’s mandate while still maintaining high governance and risk management standards.
The Central Bank intends to ensure that regulated firms are appropriately prepared for all Brexit scenarios and that firms seeking authorisation are met with a “robust and effective” authorisation process.
Strategies to strengthen consumer protection include conducting more “intrusive and targeted” inspections of firms and products posing the greatest potential harm to consumers and focusing on the culture of regulated firms and individual accountability of persons in charge.
This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.