Vol. 495 No. 7
149 Mr. Stanton asked the Tánaiste and Minister for Enterprise, Trade and Employment her views on whether additional measures are required to be added to the existing range of protection to consumers of financial services; the plans, if any, she has to put these measures in place; and if she will make a statement on the matter. [21980/98]
While we have an extensive body of legislation relating to consumers of financial services, additional legislative measures are always likely to be required from time to time both at national and EU level to ensure that the consumer is adequately protected. The Government has recently decided to proceed with the creation of a new single regulatory authority for the financial services sector. To this end, the establishment of an implementation group was also agreed to furnish proposals on the role, scope and functions of the new authority and to progress the work necessary to enable the authority to become operational as soon as possible. The Director of Consumer Affairs is among the members of the implementation group. Among the issues to be considered by the implementation group will be the responsibilities of the new authority covering the relationships between financial undertakings and their customers and the assumption of the regulatory functions at present exercised by the Central Bank, the Department of Enterprise, Trade and Employment and other regulators over financial undertakings. It will also be required to advise the Government on the legislative changes which will be necessary for the establishment of the authority. The implementation group has been asked to submit its recommendations before the end of February 1999.
