The Senior Executive Accountability Regime will give the Central Bank greater enforcement powers.
The regulator first called for the move in 2018, after banks overcharged thousands of customers during the tracker scandal.
Finance minister Paschal Donohoe defended the delay, saying the new accountability rules are broader than first envisaged:
"At the time, the complexity of some of these issues, wasn't as clear as it is now. This is now a piece of legislation that has changed, that does mean that the majority of people who do work in consumer facing levels within the financial services, I expected will be covered by the legislation."
