The Irish Government has announced the creation of the Irish Financial Services Regulation (IFSR), f...
The Irish Government has announced the creation of the Irish Financial Services Regulation (IFSR), following proposals made in the McDowell Group Report. The report called for the integration of financial services regulation and consumer protection.
The IFSR will be responsible for the regulation of fund, banking and insurance sectors as well as consumer protection. In addition, a financial service ombudsman is to be set up to deal with customer complaints as well as a consultative panel that will provide a forum for issues to be raised and analysed.
Charlie McCreevy, minister for finance, said: "The overall aim is to develop a renewed focus on consumer issues, while facilitating the development of a competitive, modern financial system.
"We need to ensure that there are no obstacles to an effective regulatory system which ensures the pricing of financial products is transparent and competitive. It must also ensure institutions have high standards of decency, probity and fairness."
Dermot Butler, chairman of Custom House Administration, said: "We welcome the announcement of the IFSR as it has removed all uncertainty of how our financial service industry is going to be regulated."
Both the Irish Insurance Federation and the Irish Bankers Federation welcomed the news of the IFSR.
However, the Irish Insurance Federation warned against having a single statutory Ombudsman Scheme for the entire financial services market.
The government has also created the IMA, which will be responsible for implementing all monetary policies and all administrative functions required by the role of the governor within the European System of Central Banks. The IMA will also manage the reserves.
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Affecting petrol prices
Come into force early 2019
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