Leo Varadkar (Dublin West, Fine Gael)
Link to this: Individually | In context

Question 57: To ask the Minister for Finance if a review of the effectiveness of the Irish Financial Services Regulatory Authority's consumer protection role has been carried out; the findings of the review; the action he will take pursuant to the review; if not, if he plans to undertake such a review; and if he will make a statement on the matter. [20257/08]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
Link to this: Individually | In context

I assume that the Deputy's question refers to the recommendation contained in the February 2006 report of the High Level Interdepartmental Committee established to examine the implementation of the Consumer Strategy Group (CSG) report. The Committee concluded that a review of the consumer protection role of the Financial Regulator should be commenced in three years time, as recommended by the CSG, (a period which corresponds to the first five years of its operation) and that all relevant stakeholders should be consulted as part of that review. My Department is currently finalising arrangements to commence the review this year in line with the timeframe identified in the Committee's report.

The Deputy may wish to note that some recent authoritative reviews have commented favourably on the consumer protection role of the Financial Regulator. For example the Comptroller and Auditor General's Value for Money report on the Financial Regulator published in July 2007 stated that since the establishment of the Financial Regulator in 2003, the Financial Regulator had made significant progress in developing a programme of actions aimed at achieving greater protection for consumers of financial services. The OECD Economic Survey of Ireland, published in April 2008, highlighted the introduction of the Financial Regulator's Consumer Protection Code (CPC), the Financial Regulator's Minimum Competency Requirements for persons who provide advice on or sell retail financial products, and the recent extension of the CPC to sub-prime lenders.