Joe Sherlock (Cork East, Labour)
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Question 108: To ask the Minister for Finance if he will report on the work of IFSRA and in particular the measures being taken to ensure that SSIA customers are not subjected to pressure from banks and financial institutions through concentrated advertisements when sending out the SSIA four form; and if he will make a statement on the matter. [19290/06]

Brian Cowen (Laois-Offaly, Fianna Fail)
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As part of its consumer protection role, the Financial Regulator reviewed a sample of SSIA documents sent by financial institutions to their customers to see that they are clear and transparent. Some financial institutions had, along with the SSIA4 form, sent other documents to their customers, including direct debit mandates and forms for other savings products. The Financial Regulator was concerned that this could result in some consumers signing and returning these documents, without realising they are committing to further saving or signing up for a new financial product. The Financial Regulator has received the co-operation of the financial institutions in amending the literature being sent to customers and it should be clear to customers that the only document that they are required to sign and return to the SSIA providers is the SSIA4 form.

In recent weeks the Financial Regulator issued a warning to savers to carefully read all letters and forms they receive from their account providers before signing anything.

Overall, the Financial Regulator monitors general media advertisements to ensure compliance with the Regulator's Advertising Guidelines, under which advertisements must be fair and not mislead the consumer. In addition, the Financial Regulator's strategy for 2006 includes a commitment to undertake an information initiative to coincide with the maturity of SSIAs. This initiative commenced earlier this year with the publication of the Consumer Information "Little Black Book on SSIAs", which provides guidance to consumers on the issues that may arise as their SSIAs mature.