The Government has given approval for the creation of a new Consumer and Competition Authority.
Under draft proposals from Minister for Enterprise Richard Bruton, the board of the National Consumer Agency will be scrapped when it is merged with the Competition Authority to form the new body.
The proposals were approved by Cabinet this morning and will form the basis of the Consumer and Competition Bill, which is expected to go before the Oireachtas during the next Dáil term.
The new authority will have two to six members, no chief executive nor board and will report directly to the Minister, resulting in savings of approximately €170,000 per year.
It will carry out the functions currently undertaken by the existing agencies as well as having its powers and functions updated.
Mr Bruton said the Consumer and Competition Authority would be a “consumer rights enforcer with real teeth” that would tackle anti-consumer practices.
“The aim of both consumer and competition policy is ultimately to benefit the consumer, and this new body will be a stronger advocate and enforcer against powerful interests in our economy,” he added.