Ms Áine Carroll:

Deputy Doherty referred to a number of scandals. Consumers contact our organisation, so we are one of a number of bodies that consumers would contact when there are specific issues in markets.

The tracker mortgage issue has really undermined consumers' trust in the system. It is not just about compensation or redress for affected consumers but also about the Central Bank needing to take robust enforcement action in order to try to rebuild that trust in consumers.

In the course of this exercise we have found that there are serious issues in terms of trust in the system, not only of new entrants but also with the established players. For the market to move on, those things really need to be addressed.

With regard to Ms Goggin's point on the Financial Services Ombudsman, I believe this is a fairly confused space for consumers. To where do they go if they have a problem? Do they contact the Financial Services Ombudsman? The ombudsman's office will only look at a complaint if the person has already been through the internal complaints mechanism within the institution in the first place. The person then has to go back to the institution. We provide information to consumers and the bulk of the calls we get from consumers on financial products are because they want to make a compliant and they need to know where to start. I believe that work is required in this area to make the whole landscape of personal finance clearer for consumers.