Written Answers. - Irish Financial Services Regulatory Authority.

Pat Rabbitte

Question:

46 Mr. Rabbitte asked the Tánaiste and Minister for Enterprise, Trade and Employment if she has satisfied herself that the new proposals for regulation of the financial services sector adequately provide for the protection of the con sumer; and if she will make a statement on the matter. [7095/01]

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.