Brian Hayes (Dublin South West, Fine Gael)

I agree with Deputy Donohoe that the issue is one of regulation and supervision. There is little point in handing out authorisations unless the actual work is properly supervised and regulated. The Government is minded across a pan-European level to see how we can strengthen the law in this regard. This is also a key issue of the Polish EU Presidency and one which could get further direction from the European Union.

People who believe the advice they received from a mortgage intermediary is defective, or even bordering on criminal, can take the matter up with the Money Advice and Budgeting Service. People must not feel they have nowhere to go, as there is much advice on such matters.

The important issues raised by Deputy Donohoe need to be teased out further with the Central Bank. Much more work needs to be done in the area of financial services regulation and supervision.

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