Kathleen O'Meara (Labour)

I second the amendment. I support what Senator Terry said about the consumer and the protection of the consumer. We only have to think of the changes brought in on the way banks publish details which were hidden in the past, such as APR rates on loans. It became necessary to specify clearly what banks were required to publish for the customer. If it had not been required in the legislation, we know that it would not have happened. Companies are not inclined to tell people the full story.

Amendment No. 3 deals with advertising by pension providers so that consumers would be alerted to the risks, fees and all charges associated with taking out and maintaining a pension. That is a useful amendment and the Minister should consider accepting it so that the consumer can be protected. One could say that we are bending over backwards, but it is necessary to do that as we have seen from our experience with the banking industry. Banks are required to write to inform us how much we are being charged for each transaction, cheque and so on. Such information was buried inside statements in the past, but it is now published in separate statements. That has made a huge difference. This amendment would support the Pensions Board in acting on behalf of the consumer.