Established in 2010 under the Central Bank Reform Act, the Central Bank of Ireland is the successor to the Central Bank and the Financial Services Authority of Ireland. At present, it's the authority responsible for financial regulation in Ireland.
The regulatory responsibility of the Central Bank of Ireland extends to a broad spectrum of financial services available in the Republic of Ireland. Financial service providers under its regulation include credit institutions, financial exchanges, investment intermediaries, stockbrokers, collective investment funds, investment schemes , and investor compensation.
The insurance sector also falls under the Central Bank of Ireland, this includes institutions offering life insurance and various general insurance services. Also under its regulation are moneylenders, credit unions, mortgage , and credit intermediaries. Part of its responsibilities also encompasses oversight on customer charges by credit institutions and other related consumer issues.
Purpose of the Central Bank of Ireland’s regulatory obligations
The main responsibility of the Central Bank of Ireland is to act as a financial regulatory body and provide a safe and just financial services market for consumers. Its presence offers assurances to consumers. The central bank makes sure that their deposits and investments are safe in the hands of different financial institutions. All in all, the regulatory body sets prudent requirements that financial firms should meet to operate in Ireland. The task of monitoring and enforcing conduct of business and consumer protection is a top priority in all it’s efforts.
Statutory code of conduct
Institutions under the regulation of the Central Bank should meet a number of statutory codes of conduct. These statutes are crafted to regulate financial service providers and keep them in line with their customers’ interests. This legislation is complimented by on-site inspections and enforcement capacity, making the Central Bank competent in fulfilling it’s prescribed duties.
Making complaints regarding a financial institution
In the event of a dissatisfactory service, one has the right to make a complaint regarding the service provider. A complaint about service must first be sent to the financial institution in question. Communication is best made in writing. A copy should be kept for reference in case the matter is not satisfactorily addressed. Provided you have given the service provider time to respond and resolve the problem, if you feel the complaint is not being attended to fairly by, you may approach the Financial Services and Pensions Ombudsman.
The Competition and Consumer Protection Commission
The Competition and Consumer Protection Commission serves to keep the general public well informed on critical information regarding financial services. It dispenses intelligence on consumer rights, allowing consumers to make more informed decisions concerning their dealings with financial institutions. Information on the costs, benefits , and risks associated with numerous financial products is also provided. Consumers are able to determine which products are best suited to their intentions. The CCPC readily provides this information on it’s website.
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