As Senators will be aware, the McDowell report contained a package of recommendations in regard to financial regulation. The Bill deals mainly with the establishment of the IFSRA. The Minister for Finance intends to publish a second Bill later this year to implement the remainder of the recommendations contained in the McDowell report. The main provisions to be included in the second Bill are to establish a statutory financial services ombudsman; to establish consultative panels of the financial services industry and consumers; to address issues arising from the recommendations contained in the report of the review group on auditing; and to make additional provisions for codes of practice by the new authority and the penalties applicable where the codes are breached.