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regulation of financial services in ireland
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Primary and subsidiary legislation affecting financial services Central Bank Act 1942 to 1998: Outlines powers and responsibilities of the Central Bank of Ireland. Insurance Act 1989: Gives power to the Department of Employment, Trade and Enterprise for its supervisory role. Pensions Act, 1990: Defines powers and responsibilities of the Pensions Board. Main supervisory authorities in the financial services sector, their roles and objectives Ireland has a number of supervisory authorities in the financial services area. The Central Bank of Ireland (CBI) looks after the banking sector, the insurance supervisor is the Department of Enterprise, Trade and Employment (DETE), and superannuation (known as pension) funds are regulated by the Pensions Board. The CBI is a member of the European System of Central Banks (ESCB). All the central banks in this group have the same supervisory objectives. The bank’s primary duty is maintenance of price stability. In terms of financial sector companies, the CBI is charged with the supervision of ‘credit institutions’ in Ireland. Credit institutions are defined as ‘an undertaking whose business is to receive deposits or other repayable funds from the public and to grant credits for its own account. ’ This definition includes licensed banks and building societies but excludes credit unions and friendly societies. Insurance is looked after by the Department of Enterprise, Trade and Employment. The DETE is a government department whose mission is: ‘To promote the sustainable development of a modern competitive enterprise economy based on quality employment, social inclusion and enhanced working and living standards. ’ The DETE is involved in improving and monitoring labour force development; enterprise competitiveness; employment rights and industrial relations; enterprise, science and technology policy; corporate services and economic policy; trade, competition and market rights; and Insurance and company law. With relation to insurance, the department has powers to request information from companies at any time and to act according to the nature of this information. The department also has an obligation to ensure continuing compliance with regulatory requirements. The Pensions Board regulates occupational pension schemes and Personal Retirement Savings Accounts, as well as supervising the operation of the Pensions Act. The Pensions Board also advises the Minster for Social and Family affairs on pension matters. The Pensions Board aims to promote security and protection in occupational pension schemes, development of an efficient national pension structure, and to increase participation in pensions to such a level that all members of the community can benefit.
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