The financial services regulatory authority IFSRA has published a strategic plan for the next three years, in which it commits itself to protecting consumers and fostering a culture of integrity among financial services companies.
IFSRA says consumer director Mary O'Dea will publish a consumer charter, develop industry-wide codes of conduct and open a consumer information centre. IFSRA chief executive Liam O'Reilly told RTE radio this morning that the public office in Dublin's city centre would open in March.
Mr O'Reilly also said IFSRA was developing a consultation paper on the switching of bank accounts, and would be sending this to the banking industry soon. IFSRA is also in talks with the Department of Education on a financial education programme for schools. The consumer division is also charged with implementing the recommendations of the Motor Insurance Advisory Board.
The watchdog's prudential division commits itself to developing a more comprehensive on-site inspection process. It also plans to give each institution a formal 'risk rating' to ensure it is given an appropriate level of supervision. The Registrar of Credit Unions Brendan Logue is to review the current regulatory regime this year.
