New codes for financial service providers - IFSRA

The Irish Financial Services Regulatory Authority is to develop a set of codes of conduct that will apply to all financial services firms operating in the State which will ensure that the same level of protection is offered to consumers regardless of the type of financial services product they choose.

According to the IFSRA, these new codes will facilitate competition by aiming to provide a level playing field in the marketplace for financial services firms.

The codes will be introduced following a widespread consultation process which begins today.

Submissions received will feed into a review that the Financial Services Regulator is currently undertaking on existing codes with a view to introducing the unified codes early next year.

Consumer Director Mary O'Dea said in a statement that the purpose of the consultation and review is to develop a unified set of statutory codes of conduct that will oblige financial services providers to act in a fair and transparent manner when dealing with consumers or potential consumers.

"We would encourage as many people as possible to engage in the consultation process and to put their ideas and proposals to us. As the review is part of our consumer protection mandate, we are particularly keen to receive representations from consumers and consumer groups," she said.

A consultation paper inviting submissions from the public, consumer groups and the financial services industry is published today.

The consultation paper is available on the Financial Services Regulator's website - www.ifsra.ie - or by telephoning lo-call 1890-923-802. The closing date for submissions is May 14, 2004.