Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

This section is no longer needed because of the change to transitional arrangements already considered. We had attempted to provide for transitional measures and those have been refined with the amendment we already discussed. Section 33A of the Central Bank Act 1997 provides that the bank, in dealing with a regulated business, may, among other things, make the persons' authorisation subject to such conditions or requirements, or both, as it considers appropriate relating to the proper and orderly regulation and supervision of the persons authorised to carry on regulated business and the protection of their customers or potential customers.

In the context of jeopardising the interests of customers to benefit competing interests, the general principles of the consumer protection code apply to the dealings of regulated entities. Two principles are particularly relevant, namely 2.1, that an entity acts honestly, fairly and professionally in the best interests of its customers and the integrity of the market, and 2.7, that an entity seeks to avoid conflicts of interest.