The new Irish Financial Service Regulatory Authority was established today. IFSRA is a one stop shop for consumers to make complaints about financial institutions or products and services. Previously the public had to deal with the Central Bank, the Office of Consumer Affairs or Government departments.
The new body will have power to make new rules for financial institutions and enforce them.
Legislation appointing the new Financial Services Regulator, Liam O'Reilly, comes into force today.
Speaking at the launch of the new Authority, Tanaiste Mary Harney said that the consumer is at the heart of financial regulation for the first time - in law, in organisation and in resources.
'No-one can guarantee that scandals and deficiencies in financial services and regulation will never recur,' the Tanaiste said. 'But we can safely say that, had this new regulator and its new legislation been in place in the past, the problems we discovered would have not gone unchecked for so long,' she added.
Mary Harney today urged consumers to use the new service actively. She said she was especially keen to see IFSRA fulfil the role it has been given of promoting the financial education of the public.
She said was also keen to seek IFSRA promote the development of financial services here. She pointed out that 36,000 people work directly in banking and 15,000 in insurance and said the sector must be further developed.
