Brian O'Shea (Waterford, Labour)
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Question 159: To ask the Minister for Finance if he will report on the meeting between the Pensions Ombudsman and the Financial Regulator on the matter of the regulator's investigation into investment charges on pensions; and if he will make a statement on the matter. [33098/06]

Brian Cowen (Laois-Offaly, Fianna Fail)
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In my role as Minister for Finance I am responsible for the statutory framework for the regulation of the financial services sector. The Financial Regulator is, however, statutorily independent of me in performing its functions.

The Financial Regulator meets with various statutory bodies on an ongoing basis to foster better working relationships and to share legally permissible information in the promotion of its mandate of continuously enhancing and developing the regulatory system. From time to time, issues are referred to the Financial Regulator by other Statutory bodies and these issues are considered in the context of its statutory functions and powers.

The issue relating to pension charges on paid up policies was brought to the attention of the Financial Regulator by the Pensions Ombudsman on foot of a complaint received by him about the application of administration charges on paid up pension policies. My Department has been advised by the Financial Regulator that it is currently reviewing this issue.