Financial Regulator
From Wikipedia, the free encyclopedia
The Financial Regulator, officially known as the Irish Financial Services Regulatory Authority (Central Bank and Financial Services Authority of Ireland Act 2003, Section 26)is the single regulator of all financial institutions in the Republic of Ireland.
The regulator was established on the 1st of May 2003 by the Central Bank and Financial Services Authority of Ireland Act 2003. The regulator is a distinct element of the Central Bank and Financial Services Authority of Ireland with clearly defined regulatory responsibilities which cover all Irish financial institutions, including those previously regulated by the Central Bank of Ireland, Department of Enterprise, Trade and Employment (DETE), Office of the Director of Consumer Affairs (ODCA) and the Registrar of Friendly Societies. The regulator has a strong role in consumer protection.
In 2005, the regulator began referring to itself as the Financial Regulator rather than its full legal title, and encourage banks to include "regulated by the Financial Regulator" in advertisements, rather than the previous, and much parodied, "regulated by the Irish Financial Services Regulatory Authority". The legal title of the regulator has not changed.
