Phil Hogan (Carlow-Kilkenny, Fine Gael)
Link to this: Individually | In context

Question 417: To ask the Minister for Enterprise, Trade and Employment if the new consumer agency will have power of review over financial institutions that are already regulated by IFSRA; if so, the rationale for such a decision; and if he will make a statement on the matter. [19341/05]

Micheál Martin (Cork South Central, Fianna Fail)
Link to this: Individually | In context

The precise powers and remit of the new national consumer agency will be subject to discussions and wide consultations. The consumer strategy group has recommended that the new agency should develop a partnership approach with all interested parties such as Government, business, trade unions, consumer organisations and other regulators including the Irish Financial Services Regulatory Authority. I would not envisage the NCA duplicating functions which are the statutory responsibility of other regulators but I would agree that it is entirely desirable and appropriate for bodies such as the NCA and IFSRA, given their mutual and complementary interest in promoting and safeguarding the interests of consumers, to closely co-operate and indeed to possibly formalise their co-operation, for example through a memorandum of understanding.