Brian Cowen (Laois-Offaly, Fianna Fail)

I do not wish to anticipate the findings of IFSRA, which was set up to provide an enhanced regulatory and supervisory regime governing the financial services industry, primarily through the enactment of the Central Bank and Financial Services Authority of Ireland Act 2003. It is the competent authority in this area and it should be allowed to get on with its work. Having commenced a survey earlier this year, it is studying the situation to determine whether and to what extent there will be difficulties for customers. It would be premature at this stage to second-guess the outcome of the survey, the results of which will be used to establish the nature of any appropriate action to be taken. I will monitor the position as the information obtained by IFSRA becomes available.

While it is estimated that approximately 90,000 endowment mortgages were sold in Ireland since 1989, there are no reliable data as yet on the overall numbers of cases where there may be a shortfall. Obviously there may not be a shortfall in every case. We must await the outcome of the survey. The Deputy referred to the consumer director of IFSRA, Ms Mary O'Dea, who has encouraged people to come forward if they are worried about the possibility of having been missold an endowment mortgage. The advice at the moment is that people should complain in the first instance to the company from whom they bought the policy. Following the enactment of the Insurance Act 1989, a code of conduct for insurance intermediaries and guidelines were drawn up by the industry in consultation with the then Department of Industry and Commerce. The key requirements of the code were that the intermediaries should know the clients can give the best advice.

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