The Irish Financial Services Regulatory Authority will be responsible for the regulation of financial institutions.
The Irish Financial Services Regulatory Authority will provide a a one stop shop for the regulation of all financial institutions and services with an emphasis on consumer protection.
A brand new institution designed in response to deficiencies highlighted by many of the banking scandals and tribunals of recent years.
The Irish Financial Services Regulatory Authority takes over the regulatory functions of the Central Bank of Ireland, the Department of Enterprise, Trade and Employment, the Director of Consumer Affairs, and the Registrar of Friendly Societies.
For the first time, it will put consumers right at the heart of financial regulation.
Liam O Reilly, Chief Executive, Irish Financial Services Regulatory Authority, outlines the institution's role and responsibilities including everything from bank charges to insurance services. Mary Harney, Minister for Enterprise, is hopeful that a changed culture will result from the establishment of the new institution.
According to research for the financial regulator, consumers are concerned about insurance costs, bank charges and interest rates on personal loans. However, 30 per cent of consumers do not feel confident about making a complaint and 70 per cent of consumers do not know where to lodge a complaint. The service offered by the financial regulator is intended to be a one stop shop. Consumers can make a complaint by calling 1890 777 777.
An RTÉ News report broadcast on 1 May 2003. The reporter is George Lee.
