The Central Bank of Ireland’s founding legislation set out that our constant and predominant aim would be the welfare of the people as a whole. We serve the public interest by maintaining monetary and financial stability while ensuring that the financial system operates in the best interests of consumers and the wider economy. Ultimately, everything that we do is about protecting consumers.
Over the last decade, the consumer protection framework in Ireland has been strengthened significantly, built on the foundations of the global standard, the G20/OECD High-Level Principles on Financial Consumer Protection (the FCP Principles). But as the financial services sector evolves, so too must our framework to ensure it is fit for purpose. That is why we commissioned the review by the OECD of our consumer protection supervisory functions.
The OECD’s review has been a valuable opportunity for these functions to be assessed against global standards by an independent, objective third party. The findings will sit alongside our new regulatory and supervisory framework and our forthcoming new Consumer Protection Code and ensure regulated firms are operating under a modernised set of rules and approaches.
I welcome the OECD’s assessment that the Central Bank is operating in line with the FCP Principles. Our Strategy recognises that we are facing a future of complexity and uncertainty and that we need to be adaptive and responsive in the way we work, building on our strong foundations. I support the OECD’s recommendations on how we can further enhance our approach, in particular the insights on international best practice and peer comparisons, which we will consider carefully. I also welcome the OECD’s focus on the consumer perspective, how we can further strengthen the way in which we engage with and listen to consumers, the way in which we provide them with information, and ultimately how we measure our effectiveness in terms of outcomes.
I want to acknowledge the contributions provided by our stakeholders which have informed the OECD’s recommendations. Hearing their views and perspectives is important to ensure we are effective in our role. I appreciate the time they have given to this review in meeting with the OECD team and supporting their analysis.
Finally, I would like to express my appreciation to the OECD and its review team for carrying out this important piece of work. It reinforces our commitment to continuous improvement and our openness to learning so that we can continue to deliver on our constant and predominant aim in a rapidly-changing world.
Gabriel Makhlouf,
Governor, Central Bank of Ireland