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Central Bank wants lawyers for regulatory adjudication

The Central Bank is seeking senior decision-makers, including legal professionals, to serve on its regulatory decisions panel.

As part of its mandate of ensuring that the financial system operates in the best interests of consumers and the wider economy, the Central Bank must hold firms to account through its enforcement work where their behaviour fails to meet required standards.

The enforcement strategy is designed to promote principled and ethical behavior.

The regulatory decision-makers will play a key role in delivering on the Central Bank’s enforcement mandate.

Enforcement processes

The appointed decision-makers will play a key role at the final stage of the Central Bank’s enforcement processes.

If a matter has not been otherwise resolved, for example by settlement, it is referred to an impartial decision-maker.

The Central Bank is now preparing to appoint a new panel of decision makers who will be responsible for making fair decisions in the following regulatory regimes: 

• Administrative Sanctions Procedure inquiries,
• Securities market assessments under securities markets legislation,
• Certain decisions under the Fitness and Probity regime.

Practitioners

The Central Bank is  seeking applications from senior professional practitioners and business leaders with significant legal, accountancy, corporate governance, consumer protection, public sector and / or financial services expertise.

The panel will also comprise members of the Central Bank’s staff.  

Director General Derville Rowland said the regulatory decisions panel will play an important role in the enforcement process in making fair and impartial decisions.

“Our vision is for a trustworthy financial system supporting the wider economy where firms and individuals adhere to a culture of fairness and high standards.

“The approach we take is a combination of high quality regulation, assertive supervision, effective gate-keeping and robust enforcement. 

Strategy

“Our enforcement strategy is aimed at promoting principled and ethical behaviour by regulated firms and by those that work in those firms.”

Further information on the Regulatory Decisions Unit (RDU) , Inquiry Hearings,  Fitness & Probity regime and the Administrative Sanctions Procedure is available on the Central Bank website.

Part IIIC of the Central Bank Act 1942 provides the Central Bank with the power to administer sanctions in respect of the commission of prescribed contravention(s) by regulated financial service providers.