Financial brokers join calls for sacking of IFSRA board

Ireland's largest group of financial brokers, The Professional Insurance Brokers Association (PIBA), has added its voice to calls for the entire board of the Financial Services Regulatory Authority to be sacked.

The Irish Small and Medium Enterprises Association has already called for the move in light of the secret loans controversy at Anglo Irish Bank.

The head of the authority, Patrick Neary, has announced his intention to retire at the end of this month after an internal report highlighted serious communications errors in relation to the controversy.

However, PIBA says the whole culture within the authority needs to change and the cosy relationship between the banks and the regulator needs to end.

Mr Neary, meanwhile, is expected to face tough questions about the situation at Anglo Irish when he appears before the Oireachtas committee on economic regulatory affairs today.