Govt to overhaul regulation of financial services

The Government has proposed new legislation aimed at reforming the regulation of financial services in Ireland.

The legislation would hand the responsibility for monitoring banks and building societies to a new institution, the Central Bank and Financial Services Authority, which would replace the existing Central Bank.

The new body would be tasked with monitoring the provision of financial services in Ireland and would incorporate a consumer director to monitor services aimed at the public.

The Government is also planning to establish an ombudsman to oversee the financial services sector.