FinanceDublin.com - IAF likely to lead to better outcomes for financial services customers

Mazars’ Kian Caulwell examines the results of a Mazars/Compliance Ireland IAF Survey of financial services professionals that shows increased industry readiness for the new legislation which starts to come into effect on December 29th. He also analyses the changes contained in the Central Bank’s latest guidance, which, he says will not have any practical implications for how board members conduct themselves.

The financial services sector is making significant strides in preparing for the Individual Accountability Framework (IAF), with 89% of firms reporting improved readiness, according to a November 2023 study by Mazars and the Compliance Institute. Furthermore, 82% of respondents said their board and/or executive committee had considered the impact of Senior Executive Accountability Framework (SEAR)/IAF in the past 12 months, a significant increase from the 73% who said so in the 2022 survey.

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