In light of the Michael Lynn and Thomas Byrne cases, the self-regulation of solicitors though the Law Society has drawn scathing criticism and confidence in the legal profession has been seriously undermined.

Consumers may be somewhat reassured to know that at least their dealings with financial services firms, from banks to building societies to brokers, are regulated by an independent watchdog - the Irish Financial Services Regulatory Authority (IFSRA).

As well as enforcing a Consumer Protection Code, the Financial Regulator also administers two compensation schemes designed to protect savers and investors.

Under the deposit protection scheme, individuals who hold savings with a bank or building society which is forced to go out of business can receive compensation if the firm is unable to return their money.

The maximum compensation payment is 90 per cent of the person's savings, or €20,000, whichever is lower.

A similar compensation scheme exists as a safety net for investors.

If an authorised investment firm goes bust, then investors are entitled to compensation if the firm cannot return the money owed.

The same limits apply to this scheme as to the deposit protection scheme.

Investment firms, stockbrokers and insurance brokers are covered by this scheme, as are banks and building societies which carry out investment services, and even accountants who are certified to carry out an investment business.

However, if consumers deal with an unauthorised firm they will not be covered by a compensation scheme, the Financial Regulator warns.

Therefore, before making an investment or buying a financial product, make sure to check if the firm is authorised by the regulator.