The Individual Accountability Framework ("IAF"), introduced in December 2023 is one of the most significant regulatory developments in Ireland in recent years. The IAF seeks to promote sound governance, improved performance and accountability throughout the regulated financial services sector, through a variety of new rules, including the introduction of new common conduct standards, additional conduct standards and business standards applicable to regulated financial service providers (firms).
Conduct Standards Training
Under the IAF rules, it is a requirement for all firms to provide individuals performing controlled functions ("CF") and/or pre-approval controlled ("PCF") functions with conduct standards training. The aim of the training is to ensure that such individuals have appropriate knowledge of the applicable conduct standards and how they apply in the context of their role.
When is training required?
The IAF requires that appropriate training is provided on induction to individuals performing CF and/or PCF roles and thereafter, on an on-going basis. In practice, it is anticipated that firms will seek to provide training on an annual basis to such individuals.
All firms must keep up-to-date records of the conduct standards training given to the relevant individuals.
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