# Consumer Panel and Industry Panel being abolished



## Brendan Burgess (31 Mar 2010)

*Why are the Industry Panel and the Consumer Panel being
abolished?*
They are being abolished in order to enable their replacement by better fit-forpurpose
advisory groups. Again the emphasis is on the integration of functions
previously divided between the Central Bank and the Financial Regulator and
on performance. The Bill empowers the Bank to establish groups to advise it on
the performance of its functions and the exercise of its powers – except for the
Governor’s ESCB-related functions. The Bill requires that one such group
should advise in relation to the performance of the Bank in relation to
consumers of financial services.

*What arrangements will replace the statutory consultative panels?*
The Bill provides that the Bank may establish a group or groups to advise it on
the exercise of the Bank’s functions and must report on such groups in its
annual report. Any group so established must comprise of persons who have
expertise, knowledge or experience relevant to the functions of the advisory
group concerned. There is a specific requirement in the Bill that the Bank must
establish a group of relevant persons to advise it on consumer-related matters


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