The chairman of the new financial regulatory body has attempted to put the industry at ease, telling representatives that the Irish Financial Services Regulatory Authority (IFSRA) will work with them rather than against them.

However, Mr Brian Patterson has warned that IFSRA will be tough when it needs to be and will work with the Competition Authority in asking questions.

The body has come in for some criticism this week with the Minister for Justice appearing to lend his voice to concerns about its accountability.

The chairman said he did not have a problem with any measures that may be adopted to make it more accountable but urged everyone to "stop sniping" and get on with making the new structure work.