Agency urged to monitor risky schemes

THE Financial Regulator was yesterday urged to clamp down on irresponsible companies selling “red-hot” investment schemes and high risk bonds to consumers.

The independent watchdog defended its actions protecting consumers’ personal finances but admitted it had no authority to ban risky investments products being sold to consumers.

TD Darragh O’Brien warned of high-risk bonds that had “burned consumers”. The Fianna Fáil deputy criticised the Financial Regulator’s inspection records which in some cases meant companies were only checked once every four years.