Phil Hogan (Carlow-Kilkenny, Fine Gael)

I am not tying down the Minister of State and he knows where I am coming from because he has taken a particular view. I am pointing out to him that matters were brought to his attention before, but we now have the same agenda. The brokers and financial institutions must be regulated. However, I know from experience of the insurance sector that there is no need for all of the paperwork, some three or four pages of material, to be sent to each policyholder when he or she receives a renewal notice. In an age of information technology we should have removed paper from the system, but there is more than ever in the context of consumer regulation and legislation matters. The intermediary investment fund and banks Acts should be examined to see how the system might be more user friendly while achieving the same objectives.

I welcome the legislation. There is a very large miscellaneous section, but the most important aspect is the implementation of a strong investment funds regulatory and legislative framework that will allow the financial services industry to continue in a strong position and generate high-quality employment for the people of Ireland.

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