Written answers

Tuesday, 8 October 2019

Department of Employment Affairs and Social Protection

Central Bank of Ireland

Photo of Noel GrealishNoel Grealish (Galway West, Independent)
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469. To ask the Minister for Employment Affairs and Social Protection the position regarding CP 116 and IORP II; and if she will make a statement on the matter. [40724/19]

Photo of Regina DohertyRegina Doherty (Meath East, Fine Gael)
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CP 116 is a Consultation Paper issued by the Central Bank in November 2017 on "Intermediary Inducements - Enhanced Consumer Protection Measures". I understand that the Consultation Paper sought views from stakeholders on a series of proposed consumer protection measures in the area of commission payments. Matters relating to the Central Bank come under the remit of my colleague, Mr. Paschal Donohoe T.D., Minister for Finance, and the Deputy may wish to address his query on this matter directly to him.

The IORP II Directive is a substantial Directive and the transposition of the Directive will result in significant improvements to the regulation and governance of funded occupational pension schemes in Ireland. Officials in my Department, supported by the Pensions Authority, are managing this transposition process. The IORP II Directive has been cast in the light of consumer protection rights, including the right to a high level of consumer protection, in particular by ensuring a higher level of transparency of retirement provisioning and informed personal financial and retirement planning.

As the Deputy may be aware, an application has been granted for a judicial review for a set of reliefs and a stay in relation to the transposition into Irish law of the IORP II Directive. As such, it would not be appropriate for me to comment further on matters that are currently before the Courts.

I hope this clarifies the matter for the Deputy.


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