Financial Regulator to publish new customer code

The Financial Regulator outlined plans for consumer protection code and introduce tighter qualification requirements for senior…

The Financial Regulator outlined plans for consumer protection code and introduce tighter qualification requirements for senior staff as part of its drive to ensure better regulation of the sector.

The regulator's strategic plan for 2006 published today lists a range of initiatives covering consumer protection and more stringent regulation of asset management firms and re-insurers.

The consumer code will set out new rules ensuring that consumers will have the same level of protection regardless of the type of firm they deal with.

Other consumer initiatives will include a new consumer website and an information initiative on maturing Special Savings Incentive Accounts.

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A new "Fitness and Probity" framework will also be introduced to ensure there are common requirements for managers and directors in positions of power in financial institutions.

New regulatory capital requirements for banks and asset management companies will be set out and a supervisory regime for re-insurance companies will be introduced in line with new EU Directives.

The Financial Regulator's chief executive, Liam O'Reilly said that "substantial progress" has been made in consumer information and protection since the new regulatory regime was introduced three years ago.

He added, "During 2006, we will work with the consultative consumer and industry panels to examine our strategic direction to date to identify what work will need to be done in the years ahead.

We remain committed to embedding the Government's Better Regulation principles and will introduce Regulatory Impact Analyses as we develop our public consultation process."

The Financial Regulator was established in May 2003 as the single regulator for most financial services in Ireland.