Paul Gavan (Sinn Fein) | Oireachtas source

I move amendment No. 11:

In page 13, line 31, after "the" where it firstly occurs to insert "rights and".

Amendment No. 11 seeks to ensure that the common conduct standards in this Bill take account of the rights as well as the legitimate interests of the regulated financial service provider, its staff, customers and other persons with which it engages. I refer again to a report on banking, recently published by the Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach on which Senator Higgins sits, which pointed out how financial services customers were treated in the course of the recession and how there needs to be a culture shift towards accountability. Consumer rights need to be protected and within the accountability framework, there needs to be standards on how the rights of customers are protected.Amendment No. 12 seeks to ensure the common conduct standards in the Bill also have regard to legitimate interests and rights, that is if amendment No. 11 is accepted, of people who are impacted by the activities of a financial service provider. I again refer to the CSDD and the impact of finance on human rights, social well-being and the environment. The amendment seeks to ensure that proper regard is given to those affected by the activities of financial service providers in the common conducts standards. We know that finance reaches far beyond what one might call a "market" and has far-reaching effects on society and human well-being. This simple amendment would be a positive step towards recognising the rights of those affected by financial decision making in our standards.