Written answers

Tuesday, 2 November 2004

Department of Enterprise, Trade and Employment

Insurance Industry

9:00 pm

Photo of Tommy BroughanTommy Broughan (Dublin North East, Labour)
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Question 321: To ask the Minister for Enterprise, Trade and Employment if, in consultation with the IFSRA and the Department of Finance, he will order an immediate inquiry into the endowment policy scandal headed by independent inspectors under company law legislation. [26862/04]

Photo of Micheál MartinMicheál Martin (Cork South Central, Fianna Fail)
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I am not aware of company law infringements being at issue in the selling of the financial products in question. However, if the Deputy has any information on possible infringements he should bring it to the attention of the Director of Corporate Enforcement who is responsible for the investigation of suspected breaches of company law.

As I understand it, the Deputy is concerned about the manner in which certain financial services products were sold to consumers, the regulation of the providers of such products and the appointment of authorised officers under the relevant legislation to investigate these matters. This is a matter for the Minister for Finance and the Irish Financial Services Regulatory Authority and I have no function in the matter.

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