I move amendment No. 2:
In page 14, between lines 17 and 18, to insert the following:
"(a) to develop and implement policies relating to the protection of consumers of financial services generally,".
I tabled this amendment on Committee Stage, which was intended to give a broader remit to the investor compensation company. The remit of the company is set out in the Bill and the board of the company specifically includes representatives of consumers. I consider this to be a sop as the company is a creature of the Central Bank. Its administrative functions will be performed by the bank, it will exercise its powers in consultation with the bank and it will essentially take its remit from the bank in all but legislative name.
The purpose of the amendment was to broaden the company's remit to look at consumer interests in financial services. We have had plenty of experience in recent months where there appears to be a loophole in terms of responsibility for the consumer's interests in financial services. The Director of Consumer Affairs, of course, has some responsibility, but it does not extend to the area covered by the Bill. This was discussed at great length on Committee Stage. Has the Minister of State contemplated the matter further since?