The Financial Regulator will next year introduce a new code designed to protect consumers who deal with regulated companies.

The rules will also aim at ensuring that consumers have the same level of protection regardless of the type of firm they might be dealing with.

The regulator yesterday set out the final objectives of its three-year plan and outlined six key initiatives for 2006.

It will also introduce a new consumer website and an information initiative for consumers about the Special Savings Incentive Accounts (SSIA) that will begin to mature next year.

A new fitness and probity framework will be introduced to ensure there are common requirements for managers and directors in positions of power in financial institutions.

Next year new regulatory capital requirements for banks and asset management companies will be set out and a new supervisory regime will be adopted for re-insurance companies.

The regulator will also prepare for changes to the regulation of securities and funds under new directives for financial instruments.

It also plans to extend the web- based credit union reporting system for off-site analysis and risk assessment to all credit unions.

Announcing the initiative yesterday, the regulator's chief executive, Liam O'Reilly, said it would work with the consultative consumer and industry panels to examine its strategic direction to date and to identify what work will need to be done in the years ahead.