Publication of the Central Bank and Financial Services Authority of Ireland Bill 2003

The Central Bank and Financial Services Authority of Ireland Bill 2003 was published today, 9 December, having been presented to Dáil Eireann by the Minister for Finance.

The Bill completes the process of reform of the State’s financial service regulatory system recommended in the 1999 McDowell Report .

The Central Bank and Financial Services Authority of Ireland Act established the Irish Financial Services Regulatory Authority earlier this year. The Authority has a wide mandate to oversee the financial services sector, including the protection of consumers.

This Bill provides for:

• A statutory Financial Services Ombudsman to deal with complaints against financial institutions
• Consumer and Industry Consultative Panels to advise the Regulatory Authority
• New reporting and auditing obligations for financial institutions as recommended in the Report of the Review Group on Auditing
• Power for the Regulatory Authority to impose sanctions directly on financial institutions for failure to comply with regulatory requirements, subject to a right of appeal to the Irish Financial Services Appeals Tribunal
• A right of appeal to the Appeals Tribunal in relation to certain supervisory decisions of the Authority
• New regulatory requirements for money transmission and bureau de change businesses to combat money-laundering and the financing of terrorism and
• Miscellaneous other amendments to financial services legislation

The main provisions of the Bill were the subject of an extensive public consultation process last year. The Bill as now presented reflects very useful comments received from a wide variety of interest groups and individuals.

The Bill is available online by clicking here or from the Government Publications Office.

ENDS