IFSRA to publish paper on competency needs

The Irish Financial Services Regulatory Authority will tomorrow publish a public consultation paper on mandatory competency requirements for those who provide advice on, or who sell, retail financial products.

Chief Executive, Liam O'Reilly said that it was part of a consumer protection strategy which is committed to setting specific industry standards in relation to the competency and skills of financial services providers.

The proposed industry categories include those involved in general insurance, life assurance, investments, mortgage lending and consumer credit businesses.

O'Reilly also highlighted the issue of motor insurance cost surveys.

The IFSRA's most recent study showed that savings of up to 50% can be achieved by consumers "shopping around".

However, he believed that this information must be readily available to consumers and welcomed the Tánaiste Mary Harney's initiatives in this regard.