Feehily to lead review of Central Bank
The Central Bank has commissioned an independent review of its enforcement activities, to be headed by former Revenue chair Josephine Feehily.
In a statement announcing the review, the regulator said that the financial system had become larger, more complex, and more interconnected over the last decade.
“The regulatory and legislative framework has also evolved significantly, alongside changes to the Central Bank's approach to regulation and supervision and to its enforcement framework and processes,” it stated.
Structures and processes
The Central Bank said that Governor Gabriel Makhlouf had decided that it was “timely” to carry out an independent review of the effectiveness and efficiency of the bank's enforcement activities.
The review will look at the performance of the Central Bank's enforcement activities and the role of enforcement within the wider supervisory framework.
It will examine:
- Structures and processes for enforcement activity and decision-making,
- Case-selection criteria and processes,
- Timeliness, and
- Transparency for the public, firms, and individuals who may be affected.
Best practice
The review will consider best practice among regulators performing similar functions domestically and internationally.
The regulator said that Feehily, who was also the first chair of the Policing Authority, would engage with senior management and staff across the Central Bank and with external stakeholders “as considered necessary”.
The Central Bank said that it would publish the report, with recommendations, “in due course”.