IFSRA sets out fair deal plan

THE Irish Financial Services Regulatory Authority (IFSRA) has set out its stall for the next three years placing a strong emphasis on a fair deal for the consumer and strict ethical behaviour by the financial institutions.

Set up in May 2003, the new financial watchdog said it would appeal to “ethical standards” rather than a rules-based system to ensure financial institutions such as mortgage lenders and credit unions behave in a way that serves the interests of both sides.

Chairman Brian Patterson told the Irish Examiner, following a news conference in Dublin to launch the three-year strategic plan, he believed a system demanding people to act honourably had a better chance of success than one underpinned by too many rules.