These skills complemented those of our existing professional regulators who had backgrounds in accountancy, economics and law.
Other areas where there have been recent innovations include: the introduction of new codes of conduct and practice both for the banking industry and for retail intermediaries which provide for the disclosure of relevant information to customers; the refinement of the application form for directors and managers which assists the Bank in assessing the competence and probity of persons proposed for those positions; refinement of detailed rules relating to the handling of client assets; the increase (insofar as the law permits) of communication channels with various relevant bodies including the Revenue Commissioners, the Director of Consumer Affairs, the Competition Authority, and the Director of Corporate Enforcement; the continuation of stress-testing for credit institutions to explore their ability to withstand economic shocks; increased communication with auditors of regulated entities; and, the improvement of the authorisation process for collective investment schemes.