# Consumer Panel loses confidence in the Financial Regulator



## Brendan Burgess (24 Feb 2009)

The Consumer Panel of the Financial Regulator met yesterday for the first time in 4 months and passed a motion of no confidence in the Regulator.

The Chairman was on the news this morning:

http://www.rte.ie/news/morningireland/

Brendan


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## Damian85 (24 Feb 2009)

Brendan,

What are the wider implications of this? I would imagine that the relationship between the Financial Regulator and the Consumer Panel would have been one of close cooperation?


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## Cayne (24 Feb 2009)

The fact that the consumer panel has only met once in the last 4 months tells its own story. The entire country has lost its faith and confidence in the Financial Regulators office months ago.


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## foghorn (24 Feb 2009)

Brendan said:


> The Consumer Panel of the Financial Regulator met yesterday for the first time in* 4 months* and


 
*!!!!!!!!*

During the worst financial crisis that the Financial Regulator and Ireland has seen, why on earth did it takes 4 months to arrange this meeting?


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## bamboozle (24 Feb 2009)

Cayne said:


> The fact that the consumer panel has only met once in the last 4 months tells its own story. The entire country has lost its faith and confidence in the Financial Regulators office months ago.


 
my understanding is that the panel has not met since last September as it had not been requested to do so by the regulator.

the chairman who was on morning Ireland both yesterday and today was extremely impressive, i think he was a solicitor, its people like him who are willing to take a stand against the bodies that we need to get this country out of the gutter.


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## mercman (24 Feb 2009)

The Financial Regulator does not want to know about the Consumer. If you make a complaint to the Regulator he will not deal with it. You will be directed to the Ombudsman who will then decide if he will pass it to the Regulator. Moreover he will not single out any particular point or case but simply mass them in one lump. I have tried and tried to lodge a credible but unbelievable complaint, but continually have been redirected everywhere elsewhere but to the point where it should be in the first instance.


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## foghorn (24 Feb 2009)

bamboozle said:


> my understanding is that the panel has not met since last September as it had not been requested to do so by the regulator.


 
Well, it's not usual that the condemned would cheerfully arrange the firing squad to meet up.


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## Sherman (24 Feb 2009)

Oh wow, a toothless committee voices its displeasure.  Bet the whole financial system is shaking in its (Gucci) boots...


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## bamboozle (24 Feb 2009)

foghorn said:


> Well, it's not usual that the condemned would cheerfully arrange the firing squad to meet up.


 

true, but would you not expect a body such as the Financial Regulator should be doing its best to show itself in a favourable light?  actually no need to answer that, they're not answerable to anyone so why should they care...(i know they are constitutionally answerable to the Minister for Finance but c'mon its not as if he's going to take them to task)


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## Joe Hill (24 Feb 2009)

From the Irish Times website:

"IRISH BANKS have lost 90 per cent of their value and the Financial Regulator has seen its chief executive retire early, yet the watchdog monitoring them has not met for more than five months, it has emerged.
The last meeting of the consumer consultative panel of the Financial Regulator was held on September 9th, 2008, the Department of Finance has confirmed. That committee’s term expired in mid-October and it took more than three months before Minister for Finance Brian Lenihan appointed a new panel last month."
[broken link removed]


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## z109 (24 Feb 2009)

Where do they get this 90% from? Try 98% of value!


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## Bronte (25 Feb 2009)

mercman said:


> I have tried and tried to lodge a credible but unbelievable complaint, .


 
If it's credible why is it unbelievable, I don't get your point?


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## mercman (25 Feb 2009)

Bronte said:


> If it's credible why is it unbelievable, I don't get your point?



Simply because if you saw the papers of what I was offered and then asked for, which are unbelievable but credible as to how Financial Providers operate, but over two years later the same people are working for the company concerned even though the legal department of the company are unable and unwilling to answer the points raised.


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## Damian85 (27 Feb 2009)

Cayne said:


> The fact that the consumer panel has only met once in the last 4 months tells its own story.


 
As far as I know, the consumer panel had disbanded 4 months ago and was inactive up until elections a couple of weeks ago. The Department of Finance did not seek to reform and reelect the panel up until this stage.


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