Maurice Cummins (Fine Gael)

I move amendment No. 3:

In page 20, between lines 21 and 22, to insert the following:

"(5) Where a decision not to investigate or a decision to discontinue an investigation under this section is made, the Regulatory Authority shall——

(a) certify that the events or circumstances in question are such that do not warrant a full and complete investigation; and

(b) publish the reasons why a decision not to investigate or a decision to discontinue an investigation has been made.

(6) The exercise of powers under subsection (5) shall be in accord with the provisions of published code of practice governing the decision not to investigate or a decision to discontinue an investigation.".

There should be an explanation of the reason for a decision not to investigate or to discontinue an investigation. The amendment deals with that specific point. It is a matter of public accountability. It has been a cause of concern in light of a number of recent instances of overcharging by some financial institutions. When a decision is made to discontinue an investigation, the public has a right to know why such a course of action has been taken.