Financial Services Regulation

Dáil Éireann Debate, Tuesday - 20 June 2017

Tuesday, 20 June 2017

Ceisteanna (251, 252, 253, 254)

Micheál Martin

Ceist:

251. Deputy Micheál Martin asked the Minister for Finance if his attention has been drawn to an investment fund (details supplied) and the excessive losses incurred by many customers of a bank (details supplied) who are of the view that they were over exposed unnecessarily and unethically to these losses by a bank; if this fund was covered by the Central Bank Act 1942; his plans to amend section 33 of this Act; and if he will make a statement on the matter. [27299/17]

Micheál Martin

Ceist:

252. Deputy Micheál Martin asked the Minister for Finance if there have been specific banking regulations introduced to prevent bank customers from being overly exposed to investments (details supplied); and if he will make a statement on the matter. [27300/17]

Micheál Martin

Ceist:

253. Deputy Micheál Martin asked the Minister for Finance his plans to investigate an investment fund (details supplied) in view of the number of persons who have suffered massive losses in cases in which higher than interest rates on loans were the norm; if his attention has been drawn to the overcharging by a bank (details supplied) on these funds; if his Department has received complaints from customers regarding same; and if he will make a statement on the matter. [27301/17]

Micheál Martin

Ceist:

254. Deputy Micheál Martin asked the Minister for Finance if his attention has been drawn to personnel in a bank (details supplied) being disciplined for their involvement with selling or managing an investment fund (details supplied); and if he will make a statement on the matter. [27302/17]

Freagraí scríofa

Minister for Finance

I propose to take Questions Nos. 251 to 254, inclusive, together.

I am aware of the matters relating to certain property investment funds that the Deputy has raised, which my officials will continue to monitor.

However, as litigation relating to a number of funds, including those identified by the Deputy, are currently before the courts, it would be inappropriate for me to comment at this time.

Speaking broadly I would point out that significant measures have been brought forward aimed at improving the transparency and appropriateness of investment products in the financial services industry. The Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR) aim to strengthen the protection of investors by making financial markets more efficient, resilient and transparent. The framework also increases the supervisory powers of regulators and provide clear operating rules for all trading activities. The funds sector is being overhauled by the Alternative Investment Fund Managers Directive (AIFMD), which provides for the Europe-wide regulation of the management of collective investment schemes aimed at professional or qualified investors.