IFSRA Launches Consultation On Financial Services Code Of Conduct

by Robin Pilgrim, LawAndTax-News.com, London

16 March 2004

The Irish Financial Services Regulatory Authority (IFSRA) this week announced that codes of conduct which will apply to all financial services firms operating in the RoI are to be launched within the next few months.

To this end, the IFSRA has published a consultation paper inviting comment from the industry and the public.

Under the new codes of conduct, which the financial services regulator hopes will increase competition by creating more of a level playing field within the financial services industry, customers will benefit from the same degree of protection no matter which financial service they choose.

Speaking following the launch of the consultation document, chief executive of the IFSRA, Liam O'Reilly explained that:

"The outcome of this consultation process and review will result in a set of basic protections that consumers will be entitled to when dealing with all financial services providers in the state."

Issues addressed in the paper include: protecting consumers against unsolicited 'cold calls'; creating appropriate complaints procedures; setting the correct balance of disclosure in advertising; ensuring transparency with regard to the details of financial products; and the potential role of voluntary codes in ensuring adequate protection for consumers of financial services.

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