Dáil Éireann Debate, Wednesday - 23 May 2012
96 Deputy Bernard J. Durkan asked the Minister for Finance the extent to which the requirements of the Corporate Enforcement Regulator are being met in full or in part by all or some of the financial institutions including insurance or investment companies; if insurance or pension products being advertised continue to be subject to rigorous appraisal; and if he will make a statement on the matter. [25949/12]
Amharc ar fhreagraThe Office of the Director of Corporate Enforcement is under the aegis of the Minister for Jobs, Enterprise and Innovation and as Minister for Finance I have no role in ensuring compliance by regulated financial service providers with the requirement of that Office The Central Bank's primary regulatory role concerns regulated financial service providers. The Central Bank has informed me that it does not regulate individual insurance or investment products as this is a commercial matter for the companies concerned. The Central Bank has in place a consumer protection code which applies to all financial service providers including insurance companies, regulated by them (regulated entities). This code sets out rules that regulated entities must comply with when dealing with their customers.
I have been informed by the Revenue Commissioners that Personal Retirement Savings Accounts (PRSAs) are jointly approved by the Pensions Board and the Revenue Commissioners. Revenue also approves Occupational Pension Schemes and certain other Pension Products.
