New 'one-stop shop' for consumer protection

Consumer protection will be the main function of the new Irish Financial Services Regulatory Authority (IFSRA), writes Con Hurley

The IFSRA, an independent Government body, will regulate and monitor all financial services provided to Irish consumers. At present, consumers can turn to a number of bodies with complaints and problems.

However, the new authority will act as a one-stop shop for consumers.

"We have a mandate from Government to bring a fresh approach to financial services regulation in Ireland, with the consumer at the centre of our focus," said IFSRA chief executive Liam O`Reilly.

The new model for financial regulation in Ireland, he added, is an appropriate and workable system that will provide an efficient and effective service to consumers of financial services and to the industry.

He stressed the independence of the new authority, particularly in relation to consumer protection.

He said that the authority expected to be funded by the firms it regulates from 2004. "This will place a minimum cost on the industry but will enhance consumer protection`", he added.

The IFSRA employs 275 people, all former employees of other agencies and departments. Staff numbers will grow to 350 by the end of next year.

IFSRA chairman Brian Patterson said that all financial services regulation must be combined into one authority. "We will cover the entire industry - banks, building societies, insurance providers, credit unions, intermediaries, stock exchanges, money lenders and many more," he added.

"We have to integrate all the relevant activities that are now carried out by the current regulators - the Central Bank of Ireland, Department of Enterprise, Trade and Employment, the Office of the Director of Consumer Affairs and the Registrar of Friendly Societies - into one organisation, with one purpose and one vision."

Brian Patterson stressed that IFSRA will be strong on consumer protection.

"I believe in the power of the market to work for the good of the consumer, to allocate resources effectively, to deliver value and service. So, we will focus on encouraging competition, transparency, information and choice. But we will also be tough on unfair business and anti-competitive forces," he said.

For further information,

Tel: 1890-777777;

Email: mailto:consumerinfo@ifsra.ie