Accountability will drive cultural change in financial services sector [Video]

The Individual Accountability Framework for the financial services sector should be viewed as a benefit rather than a burden, writes Kevin Coleman of Grant Thornton Ireland.

A series of scandals such as tracker mortgages in the financial services sector saw public trust hit at an all-time low in recent years. One of the frustrations expressed by the public is the lack of any satisfactory closure around those responsible, with organisations and whole sectors, rather than individuals found at fault.

Recently published regulations will ensure that a duty of responsibility is embedded into organisational culture across the financial services sector.

The Individual Accountability Framework (IAF), which came into effect in December 2023, has been designed to introduce greater governance within the financial services sector, drive a culture of accountability, and ultimately ensure better outcomes for customers.

The idea of the framework primarily came about from the tracker mortgage scandal and was originally announced in the Central Bank of Ireland’s report on the Behaviour …