Financial Regulator announces plans to review bank executives
The Financial Regulator has announced plans to review the fitness and probity of all existing executive and non-executive directors at banks which get Government assistance.
Any incumbent directors who will be in the posts after January 1, 2012, will be covered, and the review will include looking at their competence and track record in the run-up to the financial crisis.
The Central Bank said it would pay particular regard to the actions of individuals who may have contributed to a bank or building society being forced to go to the Government for financial assistance.
It is part of proposals from the bank for new statutory fitness and probity powers for the financial services industry.
They would be used to set requirements for people looking for a senior job at a bank, but could also be used as grounds to remove someone from a job too - a consultation process is now underway.
