25% of financial services companies do not fully understand the legal implications of impending Central Bank accountability rules, new research shows.
The new regulations, which will come into force on 1 July, heighten the stakes for personal exposure and liability of executives in financial companies.
The survey by Mason Hayes & Curran suggests that many firms are not ready for the new regime.
41% of companies surveyed said they need more training and development ahead of the deadline, while 26% are yet to finalise their internal compliance system.
"These figures suggest that a significant effort is required in the coming months for a smooth transition to the new standards," said Liam Flynn, Financial Services Sector Lead Partner at Mason Hayes & Curran.
"The lack of full legal understanding amongst a significant portion of the sector poses a serious challenge and highlights an immediate area for focus and action," he added.
56% of financial services leaders said they are unsure if they are protected by their firm's insurance policies, while 42% expect more complexity in day-to-day operations once the new rules come into force.
