Brian Lenihan Jnr (Dublin West, Fianna Fail)

As the Senator points out, though the Consumer Director has the power of initiative, he or she does not have the final power of decision. The actual code or requirement must be issued in the name of the regulatory authority and with the approval of the other members of that authority.

Codes or requirements will be issued to protect the consumer. It is important that there be complete agreement from the regulatory authority in whose name they are to be issued because if an institution is in breach of a code of conduct or requirement, it is the regulatory authority which will have to deal with that. Although the consumer director is a member of the authority, it is fitting that codes or requirements issued by the Consumer Director be in the name of the authority. The provision should remain as drafted and I am not able to accept the amendment.

The McDowell report recommended that the regulatory authority should have the power to impose penalties and the question of providing this power to the regulatory authority is being considered in the context of the (No. 2) Bill. As the imposition of penalties will be linked to these codes of practice, it is only right that the codes of practice should be issued in the name of the regulatory authority, not in the name of the Consumer Director. The power to impose penalties will be vested in the regulatory authority as recommended by the McDowell report.

Amendment, by leave, withdrawn.