Brian Cowen (Laois-Offaly, Fianna Fail)

The Financial Regulator has various powers which involve reimbursement and ensuring that these issues do not recur. In addition, if anything beyond the civil code has taken place, information will be passed on to the Garda and the fraud squad for follow-on investigation. We have in place a Financial Services Ombudsman who has proven effective in individual cases in which he used his statutory powers to ensure that people are dealt with fairly. Where there have been transgressions by financial institutions against individual clients, effective remedies are available under existing legislation.

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