Financial sector regulators told to devise savings plan

LEADING financial sector regulators have been ordered to draw up a series of plans aimed at cutting costs across the sector, including the prospect of job cuts.

A high-level meeting between cabinet members and regulatory body representatives last night is thought to have included the potential move as an attempt to help financial services keep customers.

The meeting, which was organised at the request of Taoiseach Enda Kenny, included all cabinet ministers, economic regulators, the head of financial regulation at the Central Bank, the Competition Authority and the National Consumer Agency. It is part of a series of discussions over the coming months attempting to find a way to significantly reduce costs in the financial sector, thereby improving the appeal of services to consumers and firms.