Vol. 487 No. 4
100 Mr. Allen asked the Tánaiste and Minister for Enterprise, Trade and Employment if she will introduce legislation to protect consumers and investors from cowboy operators who, although not qualified, advertise themselves using the title of accountant; and, if so, when she will introduce legislation in this regard in order to bring this in line with other European Union countries. [1191/98]
I am not aware of any widespread problem that unqualified persons are describing themselves as accountants. Neither am I aware that our existing statutory arrangements fall short of those applying in the EU generally. If the Deputy or any other persons have evidence that unqualified persons are advertising themselves as accountants, they should bring it to the attention of the Director of Consumer affairs. Enforcement action may be possible under section 6 of the Consumer Information Act, 1978, which deems it an offence, inter alia, to make false or reckless statements as to the provision of services.
There are statutory controls in place to ensure that a person acting as an auditor is properly qualified. This is a particularly important role, because audit clearance is relied on by many thousands of people in business as an independent assurance that a company is in a satisfactory financial position. The vast majority of persons acting as auditors are members of an accountancy body recognised by me under section 191 of the Companies Act, 1990. Six accountancy bodies are so recognised at present in this country.
My Department treats very seriously complaints received from the general public that persons are acting as auditors without being qualified to do so. In 1997, following investigation, four persons were convicted of this offence under the Companies Acts.
Under the Investment Intermediaries Act, 1995, which is the responsibility of my Government colleague the Minister for Finance, persons who provide investment business services or investment advice, including the holding of client funds, require to be authorised either by the Central Bank of Ireland or by a competent authority in another member state. Our legislation in this area is in line with EU requirements.
