New financial services regulator IFSRA has set out its three-year strategy that includes a commitment to improve consumers' knowledge while regulating the expanding financial-services industry.
IFSRA's consumer director, Ms Mary O'Dea, said she will develop industry-wide codes of conduct, open a consumer information centre, publish a consumer charter and provide consumer information and advice this year.
The main objectives for the prudential division, headed by Mr Patrick Neary, will be to foster "sound, dynamic financial institutions" using a principles-based approach to supervision. A programme is already under way to give each institutions a formal "risk rating" to ensure it is assigned an appropriate level of supervision.
The primary task for the Registrar of Credit Unions, Mr Brendan Logue, will be to work with the credit union movement to create a new approach to regulating the sector.
IFSRA will monitor the progress of the strategic plan over the next three years by commissioning an independent survey. It will also obtain direct feedback from r consumer and industry panels, consumers, Government, and other representative bodies.
A progress report will also be published in mid -2004.
