Central Bank of Ireland commissions independent review of enforcement activities led by Josephine Feehily

The Central Bank of Ireland has commissioned an independent review of the effectiveness and efficiency of its enforcement activities. Governor Gabriel Makhlouf decided to initiate the review against a backdrop of a larger, more complex and more interconnected financial system, as well as significant changes over the past decade in the regulatory and legislative framework and in the Central Bank’s own approach to regulation, supervision and enforcement. The review will be led by Josephine Feehily, former chair of the Revenue Commissioners and the first chair of the Policing Authority. It will assess the performance of the Central Bank’s enforcement work and how enforcement operates within the wider supervisory framework. The scope includes enforcement structures and decision-making processes, case-selection criteria, timeliness, and transparency for the public, firms and individuals affected. It will also consider best practice among comparable regulators in Ireland and abroad, along with relevant international standards and principles. To support the exercise, Feehily will engage with senior management and staff across the Central Bank and with external stakeholders where necessary. A report containing recommendations will be submitted to the governor and published in due course.