The European Central Bank (ECB) plans to impose stricter rules governing who is considered "fit and proper" for the boards and senior management of banks, saying it will dramatically tighten accountability for top bankers - including those already in jobs. The regime proposed by the ECB will include scope to reassess the suitability of bank directors who have previously been cleared if new information comes to light. The CBI noted that KBC "persistently refused to accept its tracker mortgage failings until December 2017". However, no individual current or former KBC executives or directors were named as responsible in the enforcement action. "Like others, I'm struggling to understand, without the full facts being available, why KBC should be offered a discount where unconscionable conduct is alleged," he said.

Source: Irish Independent October 01, 2020 01:30 UTC