Dáil Éireann Debate, Wednesday - 31 January 2007
590 Ms Burton asked the Minister for Finance if his Department will be monitoring the implementation of the Consumer Protection Code published by the Financial Regulator when it comes into force in 2007, which will prohibit practices such as automatic and unsolicited increases in the credit limit; and if he will make a statement on the matter. [2891/07]
View answerMy Department is responsible for the policy and legislative framework promoting the effective regulation of the financial services sector with a strong focus on the consumer. The Financial Regulator is responsible for monitoring and enforcing adherence to the Consumer Protection Code by financial service providers in accordance with its statutory functions and its Strategic Plan 2007 -2009. The legislation establishing the Financial Regulator provides for a system of administrative sanctions which would apply to any regulated entity found to be in breach of its obligations under the Code.
