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Written Answers - Financial Services Regulation

Thursday, 19 January 2012

Dáil Éireann Debate
Vol. 752 No. 2

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 76.  Deputy Michael McGrath Information on Michael McGrath Zoom on Michael McGrath  asked the Minister for Finance Information on Michael Noonan Zoom on Michael Noonan  his views on the need to ensure adequate protection for whistleblowers within the financial services sector; and if he will make a statement on the matter. [3215/12]

Minister for Finance (Deputy Michael Noonan): Information on Michael Noonan Zoom on Michael Noonan The Central Bank Supervision and Enforcement Bill, which was published in July 2011, provides protections from civil liability and penalisation by employers for whistleblowers within the Financial Services Sector. The provisions are flexible enough to provide for protection outside the strict employer/employee context. The Bill also provides a mandatory disclosure regime for those performing pre-approval controlled functions (senior or influential positions within financial service providers); failure to disclose could be grounds for an investigation and action under the fitness and probity regime.

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