The Irish Financial Services Regulatory Authority (IFSRA) has launched a campaign and a centre to give consumers understandable and independent information on investment products.
According to a survey IFSRA published yesterday, three out of four Irish people find written information on financial products too complicated and difficult to understand.
Consequently, it said 63 per cent of consumers do not shop around because they do not understand what they should look for in a financial product; 80 per cent find it hard to get truly independent information on financial products; and 92 per cent would read more information on financial products if it was written in plain English.
The new centre is on College Green, Dublin. The authority will also run a consumer help-line and a website (www.itsyourmoney.ie), along with an advertising campaign to promote these services, which are free.
IFSRA's consumer director, Ms Mary O'Dea, said the authority was improving its consumer protection codes.
"Product costs, risks and benefits should be explained clearly, and not hidden in small print or tied up in confusing jargon and terminology," she said.
