Simon Harris (Wicklow, Fine Gael) | Oireachtas source

All regulated firms can outsource. This is the reality of the world in which we live. However, they must ensure the agents to which they outsource comply with regulation, or the regulated firm has the liability in terms of fines or sanctions. If an Irish bank hires a credit servicing firm, the Irish bank remains responsible. I do not see why we would double regulate, and I do not think it was the Deputy's intention, although maybe it was. The regulatory structure is very clear. If a company outsources, it cannot outsource its responsibility. There must always be one regulated entity, and given that it is what provides the consumer with protection today, it is not a policy change.