Mr. Gerry Cross:

The Central Bank does not have responsibility for pensions supervision. Nonetheless, the broad thrust of the Deputy's question is relevant. As she knows, consumer protection is one of our core mandates and one to which we have been and continue to be completely committed. There has been a discussion at a meeting of this committee. We try to articulate clearly that we are focused on ensuring consumers are treated fairly. Our role is not capping premiums or controlling prices per sebut, rather, ensuring consumers are treated fairly.

That is essential. From the point of view of the Central Bank, not only is the mandate of protecting the consumer in itself a key requirement but that also goes directly to the level of confidence in the financial system, which goes to how the financial system supports the economy. That is core to our mandate and central to how we go about things.

The Deputy mentioned that it is clear that we have a great interest in prudential and financial stability issues. Those are driven by a wish for consumer protection. There is a consistency of thought there. I would also mention the recent establishment of the new two pillar structure within financial regulations. Whereas previously we had financial regulation, we now divide it into prudential regulation and financial conduct. Each has a deputy governor or director general in charge of it. There are many reasons for that, including the proliferation of workload, but it clearly calls out that commitment to addressing conduct.

With regard to these proposals, as we have said in our response to the commission's consultation on this earlier in the year, we called this out. We asked for more effectiveness in this space, stronger mandates and a more consistent mandate. The proposal does not go directly on that route but it includes aspects which enhance the profile and mandates with regard to consumer protection. It calls out consumer protection specifically which is important because a past issue was where different European Supervisory Authorities, ESAs, gather their consumer protection mandate. Now that is clearly called out, as are some of the practices. We think this goes in the right direction but there is more to be done.