The Irish Financial Services Regulatory Authority received over 11,000 calls to its consumer help-line in its first year of operation.
In a Progress Report, published today, IFSRA said it had handled over 2,500 issues raised by consumers in relation to their dealings with financial service providers - 97% of these issues were resolved.
It also produced and distributed 18 separate publications and hosted over 85,000 visits to its website since it was launched in December.
During its first year of operation, IFSRA also authorised 665 new financial services firms and funds, received and analysed almost 51,000 returns from the firms it regulates and conducted 437 review meetings and on-site inspections. It also meet with over 600 representatives of 244 credit unions throughout the country.
The Progress Report states that IFSRA is now responsible for the ongoing supervision of 6.835 separate financial service providers.
During the year, IFSRA also developed a consumer information campaign, called 'It's your Money', to provide consumers with information on financial products in 'plain English'. It has also introduced and are developing new industry codes of practice to protect consumers in their dealings with financial service providers.
'The size and scale of the task we face can never be underestimated and it was vital that we became effective from our first day of operation,' stated IFSRA Chief Executive Liam O'Reilly.
'The financial services industry is an integral component of Irish society and it is therefore in all of our interests that it remains competitive and that we continue to work to maintain public confidence in it,' he added.
An annual report, covering the period from May 2003 to Deember 2004, will be published in mid 2005, in accordance with legislation. This report will include financial statements.
Copies of the report are available on www.ifsra.ie.
