Important new book examines the role of the forthcoming individual accountability regime in restoring public trust in financial services

• Ireland

• General

09-03-2022

· “An invaluable contribution to the debate on the future shape of banking in Ireland” (Justice John Hedigan)
· Online book launch event on 9th March chaired by Mr Justice Hedigan with addresses from Minister for Finance, Paschal Donohoe TD; Derville Rowland, Director General (Financial Conduct) Central Bank of Ireland; Colin Hunt, AIB CEO; and Mary O’ Dea, Institute of Banking Chief Executive

A new book examining the feasibility of behavioural change and restoring public trust in the financial services sector has been co-authored by Ciaran Walker, Consultant in the Financial Services Regulation & Governance Group at global law firm Eversheds Sutherland and Joe McGrath, Assistant Professor, Sutherland School of Law, UCD.

The new book on individual accountability in financial services deals in-depth with an issue that has wide-reaching implications for our banks, the financial services sector generally, customers and the wider community. It is published by Palgrave Macmillan and titled ‘New accountability in financial services: Changing individual behaviour and culture’.

The book is highly topical because of the forthcoming legislation to implement a new individual accountability framework in Ireland, which includes the Senior Executive Accountability Regime (SEAR). The proposed new legislation, set out in the Central Bank (Individual Accountability Framework) Bill, is anticipated to be adopted in 2022 with the aim of improving culture in financial services and thereby restoring public trust in the industry. The proposed new legislation is modelled on the UK Senior Managers and Certification Regime, which has been in place in the UK since 2016.

In the book, the authors provide a framework, underpinned by in-depth scholarship in areas such as regulatory theory and behavioural science, to consider whether the forthcoming individual accountability regime is likely to succeed and where its strengths and weaknesses lie. The authors also analyse the UK regime and other equivalent regimes on which the forthcoming Irish regime is based. Furthermore, the authors make recommendations for reform to improve public trust in financial services – in particular, they advocate for a “trajectory towards professionalisation” in the industry that would facilitate the internalisation of ethical norms.

In his foreword for the book, Justice John Hedigan, Chair of the Irish Banking Culture Board commented:

“There could not be a book more topical nor timely than this monograph”. He continued, “Its unique perspective can greatly inform that ongoing discussion [about individual accountability regimes and the forthcoming legislation] and provide the academic rigour necessary to ensure that the financial sector that emerges from the debate is one in which the public may safely repose their trust. All involved in that debate should carefully study this fine book.”

Co-author Ciaran Walker, Consultant in the Financial Services Regulation & Governance Group at Eversheds Sutherland said:

“I am delighted to make a contribution, via this book, to the critically important public policy debate around improving culture in financial services firms, so that public trust is increased in financial services for the benefit of all.”

Co-author Dr. Joe McGrath, Assistant Professor, Sutherland School of Law, UCD, said:

“Too often, we are concerned with bad and irresponsible behaviours only after they have happened. We ask ourselves, why do otherwise good people do bad things? Instead, we should be asking how we engineer corporate cultures to make sure these things never happen in the first place! This book helps us to answer this question.”

The new book is also part of the Palgrave Socio-Legal Studies series of monographs and textbooks featuring cutting edge work for national and international audiences. ‘New Accountability in Financial Services: Changing Individual Behaviour and Culture’ is available from Amazon.co.uk, Waterstones, Barnes & Noble (US) and the publisher’s website Palgrave Macmillan/Springer.

Official book launch – Wednesday, 9th March 2022

Eversheds Sutherland and UCD together hosted a virtual book launch event on the 9th of March to further explore some of the topics in the book. The event included addresses from Minister for Finance, Paschal Donohoe TD; Derville Rowland, Director General (Financial Conduct) Central Bank of Ireland; Colin Hunt, AIB CEO; and Mary O’ Dea, Institute of Banking Chief Executive.

This online event was chaired by Mr Justice Hedigan and also featured a panel discussion with additional contributors including AIB CEO, Colin Hunt, and the new book co-authors. The book was warmly welcomed by the speaker; Derville Rowland, who congratulated the authors on their “timely and welcome contribution to this important area”. See more of what Derville had to say in her speech here. The event concluded with a Q&A session.

ENDS

Notes to Editors:

About the authors

Ciaran Walker is a Consultant in the Financial Services Regulation & Governance group at the Dublin office of the global law firm Eversheds Sutherland, Ireland. He also lectures and has published in leading international journals in his fields. Before joining Eversheds Sutherland, he was Deputy Head of Enforcement at the Central Bank of Ireland.

Joe McGrath is an Irish Research Council Scholar, a Fulbright Scholar, an Assistant Professor at the Sutherland School of Law, and the Vice Principal for Equality, Diversity and Inclusion of the College of Social Sciences and Law, University College Dublin, Ireland. He has published in the leading international, peer-reviewed journals in his fields.

About Eversheds Sutherland

Eversheds Sutherland is a global top 10 law firm that provides multidisciplinary legal advice and solutions to a global client base ranging from small and mid-sized businesses to the largest multinationals.

The firm has 74 offices in 35 jurisdictions worldwide, including nine in the US. Its Irish offices (Dublin and Belfast) serve as an important European hub for the firm’s international client base, employ over 300 talented professionals and have a strong tradition and culture of investing in world-class people and nurturing young talent. The firm provides a full range of legal services, including corporate and M&A, dispute resolution and litigation, energy and infrastructure, data protection, insurance and financial service, employment and pensions, intellectual property, real estate and construction, and tax.

Eversheds Sutherland holds the internationally recognised ISO 27001 certification for its exemplary data protection and information security in the Republic of Ireland and Northern Ireland for its Dublin and Belfast offices. This ensures the firm follows best practices in protecting its data, improving its cybersecurity posture and business efficiency, while also ensuring that it meets legal and regulatory data protection obligations.

• Ciaran Walker
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