Ms Derville Rowland:

Recognising that we want to see consumers getting better prices for themselves and taking all of this into account, we went out and did on-site inspections of the main lenders. We looked at their approach to the product design and offering to their customers, the communication to their customers and the options made available. We found that they were not doing enough in terms of transparency, disclosure, access to information and the opportunity to get a better priced return on a product. We have written to the banks detailing a set of actions that we expect of them.

We challenged them around those products with higher returns for customers, which may be limited with regard to how much they can put in on a monthly basis or overall. We are expecting all of the lenders to write to their customers to inform them in very clear terms of the options available to them for better-priced products right across the product suite and to make it easier to take their savings to another lender where there is a better option. We are also going to do a consumer awareness campaign. This is in line with the fraud campaigns, because we think it is important to get information out to people so they can take that on board. We are taking that two-pronged approach where we are talking to the banks and expecting them to communicate with their customers. We also have actions that they have to address to our satisfaction. We will also communicate to lenders. The Competition and Consumer Protection Commission, CCPC, has a role in this. It has very good information on its website about options for customers.

There are also options in Ireland which are not about just going to the banks that are authorised here. There are other options where money could be put on deposit with lenders that are not authorised by the Central Bank of Ireland but which are authorised in the European system. Those are just some of the options we are taking. The pricing decisions are for the lenders to take. We want to make sure that the system is as consumer centric as it can be, that the best product offerings are clear and available and that people are facilitated to take their money to other products when it is in their interest to do so.