Business Opinion: Due to an unfortunate error in the production process, the following items were omitted from the Irish Financial Services Regulatory Authority strategic plan for 2005, which was published last Thursday. John McManus reports.

They should have appeared in Section 5 - High-Level Goals and Strategy, under the following headings.

5.1 Helping consumers to make informed choice through education and codes of practice in a fair financial services market.

Providing information

In 2005, we will continue to publish a a steady stream of complex and at times incomprehensible surveys about anything we can think of. The purpose of which will remain the generation of the maximum amount of publicity for IFSRA.

Developing financial planning education

We will adhere to our policy of leaving it up to consumers to work out for themselves from numerous surveys which products and institutions are good value and which ones are ripping them off. To help them, we will offer nuggets such as that contained in the headline on the press release we issued last Friday to accompany the latest credit card survey. It contained the following insightful observation: "Credit card survey reveals the cost of credit card debt can vary".

Fostering access to financial services

In 2005, we shall carry out a survey of the number of financial services organisations located on bus routes.

Ensuring that financial service providers act in a fair and transparent way

In 2005, we shall carry out quarterly surveys of financial services providers asking them if they have done anything naughty.

Monitoring competition

Our dominant position in the market for the production of surveys remains unchallenged.

Prioritising motor insurance

In 2005, we shall double the number of surveys of the price of motor insurance that we carry out.

5.2. Having a regulatory system that fosters safe and sound financial institutions while operating in a competitive and expanding market of high reputation.

Pursuing our principle-based approach to supervision

In 2005, we will adhere to the principle of reaction to events in the media rather than being pro-active. We will continue to monitor the activities of RTÉ's Prime Time to ensure that we can get consumer director Mary O'Dea on to the relevant programme to tell consumers to be careful and shop around.

She will also let everybody know that we are very concerned about whatever issue has been raised and will be looking into it.

To this end, we were very pleased with our swift response to the recent Prime Time programme on endowment mortgages. Everybody now knows how concerned we are about these issues and the numerous technicalities that prevent us actually doing something about them.

Requiring financial services providers to assume their responsibilities

In 2005, we will continue to carefully choreograph any investigation involving a major bank to ensure that everybody looks as good as possible. We will let the bank dictate the scope and nature of investigations and, in return, it will let us announce the results in such a fashion that it looks like we are holding them to account. We will continue to insist that our tough-talking press release is sent at least five minutes before the bank in question sends out one playing down the issue.

Making best use of supervisory resources

In 2005, the telephone line on which we rely for whistle blowers to actually let us know what is happening in the industry will continue to be manned. This, combined with careful monitoring of Mr Charlie Bird, proved a very cost-effective way to supervise Allied Irish Bank in 2004.

Putting a comprehensive on-site review process in place

In 2005, we will make sure that we know what the headquarters of the various banks look like so we will be able to know which one to ring when they appear in camera shot with Mr Bird on the six o'clock news.

Working in partnership with the Central Bank

We will continue to do what our parent organisation tells us, particularly in the following areas:

- Contributing to financial stability

In 2005, we will continue to act as the prudential supervisory organisation that we really are while continuing to hold ourselves out as the consumers advocate. As ever, we will continue to consider every action in light of what impact it might have on the stability of the banking industry, which is shorthand for the reputation of the Irish banking industry abroad and the continued expansion of the International Financial Services Centre.