IFSRA to launch sanctions policy

FINANCIAL services regulator IFSRA will launch a sanctions policy to deal with breaches of financial legislation, as well as a series of consultations with consumers and the banking industry next year.

The authority yesterday published its strategy for 2005, which will also include steps to harmonise a code of practice for all financial services providers and further develop the regulatory framework governing the sector.

IFSRA chief executive Liam O'Reilly welcomed new powers granted to the body under legislation brought in earlier this year.