Regulator ‘surprised’ at poor resources for supervising financial institutions

FINANCIAL Regulator, Matthew Elderfield, has expressed surprise at the poor resources available to supervise financial institutions and said better regulation would improve the country’s reputation.

Mr Elderfield yesterday warned the sector that his plans to achieve the right quantity and quality of resources to carry out effective regulation of various financial sectors was going to result in higher fees.

Speaking at the annual lunch of the Irish Insurance Federation in Dublin yesterday, Mr Elderfield said it was necessary to ensure insurance firms with the biggest inherent risk profile due to their size had the right level of supervisory cover.