Jim Higgins (Fine Gael)

I move amendment No. 6:

In page 46, between lines 30 and 31, to insert the following:

"(e)comparisons against best practice in other comparable countries in relation to the cost of financial services and the range and quality of services offered.".

This amendment deals with the annual report. The new section 33T(3) sets out in detail what must be included in the annual report. It states:

(3)In particular, an annual report must include information specifying–

(a)how far the Consumer Director has promoted the interests of consumers of relevant financial services during the financial year concerned, and

(b)what steps have been taken by the Regulatory Authority to increase the awareness of consumers of relevant financial services of the costs to consumers, risks and benefits involved in using those services, and

(c)the extent to which competition exists among providers of those services in so far as it affects consumers of those services, and

(d) developments that have taken place with respect to the provision of those services in so far as those developments affect consumers of those services.