I propose to take Questions Nos. 211 and 213 together.
As the Deputies are aware, the Central Bank has responsibility for the regulation and supervision of financial institutions in terms of consumer protection and prudential requirements and for ensuring on-going compliance with applicable statutory obligations. Under the Central Bank’s Consumer Protection Code 2012 (the Code), a regulated entity must ensure that in all its dealings with customers and within the context of its authorisation it acts honestly, fairly and professionally in the best interests of its customers and the integrity of the market.
The Competition and Consumer Protection Commission (CCPC) has a specific statutory remit to provide financial information and education to assist consumers. The CCPC comes under the aegis of my colleague the Minister for Business, Enterprise and Innovation.
My Department has also been active in the provision of advice to consumers through the www.switchyourbank.ie website.
The provision of financial education is part of the overall framework of the provision of financial services and the Collins Institute report is a valuable contribution to the consideration of how best to ensure that consumers are in a position to make the right choices for themselves in relation to financial services. I will continue to consider these issues in conjunction with my colleagues in Government who also have responsibility in these areas.