The Governor of the Central Bank, Philip Lane yesterday delivered a speech on consumer protection in an address at University College Cork.
Governor Lane outlined a vision for the financial services sector which “involves consumers who are well informed, confident and empowered and sound well-regulated firms with strong consumer-focused culture.”
Speaking at the Financial Services Innovation Centre, Lane outlined the institutional frameworks to protect consumers in their dealings with financial firms at domestic and international levels before explaining the Central Bank’s vision for how the organisation can contribute to consumer protection for customers of regulated firms.
He concluded by looking at the current priorities in the bank's consumer protection work.
In protecting consumers of financial services, Lane said he believes that more needs to be done to empower consumers in their dealings with financial services firms with improving financial literacy an integral part of the consumer protection agenda.
Speaking yesterday, Governor Lane said, "Our focus is on ensuring that the appropriate frameworks are in place so that firms must take the best interests of consumers into account in their design, operation and monitoring of online distribution and automated advice channels."
He added, "Furthermore, given the scope for online distribution channels to foster cross-border trade in financial services, it is essential that the legislative framework fosters internationalisation without compromising consumer protection."
Source: www.businessworld.ie
