Financial services overhaul approved

A MAJOR overhaul of legislation governing the regulation of the financial services industry has been approved by the Government.

The move is part of the Government’s Better Regulation agenda.

An advisory group including both industry and consumer representatives will be established.

Finance Minister Brian Cohen said yesterday the legal framework that conforms to best international practice is central to the effectiveness of Ireland’s financial services sector.

The Irish Banking Federation (IBF) has welcomed the decision.