Financial Regulator

Information

The Financial Regulator, which was established on 1 May 2003, is the regulator of all financial services firms in Ireland, including those previously regulated by the Central Bank, the Department of Enterprise, Trade and Employment, the National Consumer Agency, and the Registrar of Friendly Societies.

What does the Financial Regulator regulate?

The Financial Regulator regulates the activities of:

• Credit institutions, investment intermediaries, stockbrokers, financial exchanges, collective investment schemes, funds, investor compensation and related consumer issues
• Life insurance, general insurance and related consumer issues
• Moneylenders, mortgage and credit intermediaries, the monitoring of customer charges by credit institutions and related consumer issues
• Credit unions

What are the Financial Regulator's main tasks?

The main tasks of the Financial Regulator are to:

• Help consumers to make informed and responsible decisions regarding their financial affairs in a safe and fair market
• Promote sound and solvent financial institutions, thereby giving depositors and other consumers of financial products confidence that their deposits and investments are safe.

The Financial Regulator :

• Provides consumer information and education through various channels in relation to the costs, risks and benefits of financial products
• Monitors competition in the market for financial services by working with the Competition Authority;
• Promotes and is a strong advocate for the interests of consumers of financial products.

How the Financial Regulator protects consumers?

Promoting a sound financial system

The Financial Regulator seeks to promote a sound financial system in the short to medium term by:

• Refining a regulatory approach based on risk profile and impact of default;
• Using risk assessment, measurement and control techniques in all sectors of the financial services industry;
• Using data collection associated with developing better early warning indicators of prudential stress;
• Making on-site inspections of financial institutions.

Code of conduct

The Financial Regulator introduced a Consumer Protection Code for all regulated institutions which obliged the institutions to act in a fair and transparent. This protection codes is policed and enforced by means of on-site inspections, backed-up by enforcement powers.

Consumer information and education

The Financial Regulator has created consumer awareness programmes that enhance the public's understanding of consumers' rights and improve the public's level of financial knowledge. Part of the Financial Regulator's approach will include a focus on life-long learning. A website, www.itsyourmoney.ie, has been developed covering areas of interest to consumers

Industry education and competence

The Financial Regulator will introduce professional training courses for those in the financial services sector and promote continuous professional development. It will also promote an understanding of codes of conduct and the importance of consumer protection within the financial services sector.

Monitoring competition

The Financial Regulator works with the Competition Authority to develop close monitoring systems for market development and competition.

Implementing recommendations of the Motor Insurance Advisory Board

The Financial Regulator has implemented the relevant recommendations of the Motor Insurance Advisory Board, which seek to boost consumer protection in the area of motor insurance.

Complaints handling

The Financial Regulator fosters a consumer-friendly complaints-handling mechanism by working with the Financial Services Ombudsman.

Combating financial exclusion

The Financial Regulator will work to open appropriate gateways into the financial market for people who are currently excluded from it.

Future developments

The Financial Regulator will continue to focus on:

• The production of a suite of consumer publications, guides, factsheets, cost surveys and booklets detaling costs , risks and benefits of financial products
• Developing the consumer section of the web site including providing useful, easy to access consumer material and detailed information on all financial products
• Further development of a lo-call helpline to handle requests for information
• Working with the Financial Services Ombudsman in relation to consumer complaints about financial service providers
• The development of industry codes setting out the manner in which financial institutions must conduct their business with their consumers
• A review of the risk management and measurement processes in financial institutions
• A review of prudential data requirements
• Continue a programme of on-site inspections for all financial institutions
• The development of regional and local consumer information initiatives.

Where To Apply