Brian Lenihan Jnr (Dublin West, Fianna Fail)

The amendment proposes to change section 5A of the principal Act as inserted by section 5 of the Bill which provides for the general functions and powers of the Central Bank. However, responsibility for consumer protection is a delegated function of the bank to the regulatory authority, and the legislation relating to the authority provides a variety of measures that deal with the quality of financial services to consumers and accountability with regard to consumer protection.

First, the regulatory authority is charged with responsibility for taking action to increase awareness among members of the public of available financial services and the cost to consumers, as well as risks and benefits associated with the provision of those services. This includes reference to the quality of financial services to consumers.

In addition, the Bill provides for the appointment of a person to the statutory position of consumer director who will be responsible for monitoring the provision of financial services for consumers of those services, having regard to the public interest and the interests of consumers. The consumer director is required under the Bill to produce an annual report. One of the matters which must be included in the report is the steps taken by the regulatory authority to increase the awareness of consumers of relevant financial services, the cost to consumers, and the risks and benefits involved in using those services. The authority is also required to produce an annual report which must be submitted to the Minister for Finance who must, in turn, have the report laid before each House of the Oireachtas.

Both the consumer director and the regulatory authority are required to produce strategic plans each year, which must specify the nature and scope of the activities to be undertaken and the strategies and policies for achieving those objectives. They must also specify the targets and criteria for assessing the performance of the authority and the consumer director.

The chairperson of the regulatory authority, the chief executive of the authority and the consumer director can all be called before the relevant Oireachtas committee. It is appropriate that the authority take responsibility for matters relating to consumer protection and awareness. The existing provisions of the Bill allow the authority to address the matters raised in the amendment and to be held accountable for them.

I regret therefore that I cannot accept this amendment. Essentially, my argument is on the narrow issue of this amendment. The matters comprehended in it are comprehended in the Bill already under the heading of the regulatory authority.