Not sure how much of a big deal this is given my low regard for the Financial Regulator, but did you know that the Financial Regulator Consumer Panel hasn’t sat since the end of September?
So throughout the Irish and global financial crisis that we’re experiencing at the moment, and the massive decision being taken by the government in the form of the bank bailout, it appears that the Financial Regulator isn’t consulting with consumers at all – ignoring them in effect.
According to the IFSRA website, this is what the Consumer Panel is for, and what it’s not doing at the moment:
- monitoring the performance by the Financial Regulator of its functions and responsibilities under this Act
- providing the Financial Regulator with comments with respect to the performance of its functions and responsibilities
- providing the Financial Regulator with comments and suggestions with respect to the performance of the financial services industry
- when requested to comment on policy and regulatory documents issued, or to be issued, by the Financial Regulator
As it happens, we didn’t have a Financial Services Ombudsman Council sitting for a period during that time as well – from the middle to the end of October.
As of today, we still don’t have a Financial Regulator Consumer Panel in place yet, so consumers can still go whistle as far as at least one of our Regulators is concerned.