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What’s the point of the Financial Regulator?

If anyone was in any doubt about it, here’s a perfect example of why Irish consumers are suffering under the weight of a huge number of useless regulators in this country.

Last week, the Irish Independent has an article entitled “Watchdog: ‘rates should be displayed’.

At a time when the banks were slowly but surely flushing themselves down the toilet, the Financial Regulator conducted a mystery shopper exercise on 100 foreign exchange outlets to ensure they were observing the rules regarding the display commission levels and exchange rates.

And the result of this exercise? They found that some of the providers weren’t following the rules.

And the response of the useless Financial Regulator? Did they prosecute them for not following the rules? Fines? Closure orders? Name and Shame?

Nope. A Press Release that essentially tells us nothing! Useless or what?

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