The Central Bank of Ireland has promoted Colm Kincaid, currently its head of enforcement, to the position of deputy governor, overseeing consumer and investment protection.
It follows the previous holder of that role, Derville Rowland, joining the executive team of the new Frankfurt-based EU Anti-Money Laundering Authority (AMLA) in May.
The Central Bank has three deputy governors operating under governor Gabriel Makhlouf.
“Colm brings over two decades of experience in consumer-focused financial regulation, legal expertise and strategic leadership to the role,” said Mr Makhlouf, noting that Mr Kincaid will assume his new role at the start of August.
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“Colm’s commitment to upholding the highest standards of consumer welfare and market integrity has been a hallmark of his work at the Central Bank of Ireland. He will continue the bank’s focus on this crucial element of our mandate”.
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The bank disbanded its stand-alone consumer protection unit in January and dispersed its functions among various arms of the organisation that supervise different areas, from banks and insurers to investment firms.
While this drew criticism from some politicians and consumer advocacy groups, the regulator said that it has more closely embedded consumer oversight into all supervisory areas rather than isolating it.
He will be responsible for leading the strategic development and execution of consumer and investor protection policies, the regulator said. This includes engaging with stakeholders and representing the bank in domestic and international forums.
Mr Kincaid, a solicitor by background, joined the Central Bank in 2004, having previously worked with law firms A&L Goodbody in Dublin, and Linklaters in London.
He became director of enforcement in January, having previously served as director of consumer protection for more than three years.
