Central Bank creates new senior roles in changes to regulation plan

THE CENTRAL Bank has announced changes to its plans for the overhaul of the financial regulatory system with three senior roles being created and the appointment of a special adviser to the head of financial supervision.

The bank said that it would advertise in the coming days for three assistant director general roles. They will have responsibility for risk and policy, enforcement and market supervision.

They will report to the new head of financial supervision, Matthew Elderfield, currently the banking regulator in Bermuda, who will join the Central Bank in January.

The three roles will be in addition to the already advertised job of assistant director general for financial institutions supervision.

Con Horan, the current prudential director at the regulator, has been appointed to a new role of special adviser to Mr Elderfield.

The bank said that Mr Horan would provide advice on “supervisory matters, leading supervisory projects and assisting in supervisory crisis management”.

Mr Horan will also chair a proposed new advisory risk expert panel on financial regulation.

The panel of external risk advisers will be recruited next year. They will help assess governance and risk management standards, and assist in analysing business risks and the commercial environment facing regulated firms.

The bank had previously said that Mr Horan would move to the role of assistant director general with responsibility for regulatory risk and enforcement, but this role will be split in two with the new positions announced by the bank.

Mr Horan will be at the same level of assistant director general in his new role, bringing to five the number of assistant director generals reporting to Mr Elderfield.

“While our regulatory approach will emphasise risk-based supervision and an open, but challenging, dialogue with regulated firms, it must be underpinned with the strong enforcement capability,” said Central Bank governor Patrick Honohan.