In recent days, the chairman of the Consumers Association of Ireland, James Doorley, has been critical of the proposal by the Department of Finance to scrap the Consumer Consultative Panel at the Financial Regulator once it’s merged back into the Central Bank.
Mr. Doorley believes that scrapping this committee appointed by the Minister for Finance would have the effect of preventing “meaningful input into the system of financial regulation”. According to Mr. Doorley:
those who pay should have a say and that the consumer voice should be at the heart of our new system of financial regulation, as it is consumers who are largely bearing the brunt of the financial crisis.
Mr. Doorley is speaking about a talking shop that didn’t meet at all during some of the most devastating months of this financial crisis at the end of 2008. As first reported here on ValueIreland.com, the panel only met once between July 2008 and March 2009.
There was an interesting exchange in the Dail earlier this week in reference to the abolition of this talking shop. Thomas Byrne, Fianna Fail TD for Meath East (one of the local TDs for Mr. Doorley as it happens) made this appeal to the Minister for Finance:
Last night, the Minister for Finance stated that he is consulting the various representative associations and interest groups. I would be keen for him to consult the Consumers Association of Ireland on this legislation and, if possible, to retain the Central Bank’s consumer panel in some form. It is included in the legislation in a different form, but perhaps it should be retained in a bid to keep the public’s confidence. The public is confident that we are looking after the consumer and doing the right thing.
However, more telling of the attitude of Fianna Fail to regulation and consumer protection in general, in response to a retort to James Bannon TD, Deputy Byrne went on to say:
However, keeping the panel would be more image than reality, since the reality is evident in terms of the regulator’s actions.
And there we have it. It’s more important to be seen to do something rather than actually doing anything at all – as I’ve said many times here before, the modus operandi of the current Fianna Fail government.