Ms Patricia Murphy:

I thank the Deputies for their comments on the report, the scope and purpose of which are really fact finding. We acknowledge the issue is very complex and the length and detail of the report reflect the topic dealt with.

A number of points were made by the Deputies. With regard to implicit charges, it is acknowledged in the report in respect of the non-disclosed element of the charges that it would be helpful if in the future some consistent way of providing for these charges could be determined. On the recommendations, their focus was on what actions could be taken reasonably quickly to promote transparency. The lack of transparency was seen as one of the major difficulties. The recommendations focused on identifying gaps in the existing disclosure regulations to provide more information for scheme members and on looking at how the consumer protection code, introduced last year by the Central Bank, was operating with regard to providing more complete and full information for consumers in order that they could see what charges they were paying.

The issue of price regulation is discussed in the report. The view of the steering group was that initiatives to promote transparency might be more successful at promoting competition initially, but if that was not seen to work, perhaps more stringent action might be taken. PRSAs have their price fixed by regulation, but that price effectively operates as a maximum. One of the recommendations made in the report is that we look at how they are operating for consumers who might need them. Also, the consultation is just coming to an end and we will be looking at the submissions that arrive and reverting back to the Minister and the Government for their views about the implementation of the recommendations made.