As we transition through a period of fundamental change in financial services, lawmakers and regulators need to be focused on the future, engaged with the industry and open to new and different ways of managing society’s changing expectations of its financial service providers.
We need to take the lessons from the past, but also seek to anticipate and support financial services innovation in line with society’s risk appetite. In Ireland, the Central Bank’s regulation and supervision of firms is risk-based and outcomes-focused.