One of the main reasons for the establishment of the Irish Financial Services Regulatory Authority – IFSRA – is to provide better protection to the consumer across the range of financial services. IFSRA will ensure that prudential regulation of financial services operates to a high standard, but with a strong consumer focus. It will provide a one-stop shop for the consumer of financial services. It will have a dedicated statutory officer responsible for customer protection who will also have a role in promoting the financial education of the public. It will also have a statutory ombudsman scheme and a special consumer panel.
I am confident that the new structures we are putting in place will put Ireland to the forefront of high-quality, consumer friendly financial regulation.