Is the Central Bank an Effective Protector of Consumers of Financial Services?

[Sophrosyne]

Is it high time to question the Central Bank’s role as a consumer protector?

From a consumer standpoint, are there specific reasons why consumer protection of financial services should be the prerogative of Central Bank? If so, what are they?

Is it realistic for an entity to assume the role of running with the hare and chasing with the hounds?

 

[jim]

Hi Sophrosyne,

If I am to take what you mean by "chasing with the hounds" to be their role as a supervisor.....what then do you imply by "running with the hare"?

 

[Sophrosyne]

What I mean is that the CBOI repeatedly fails in its role to protect consumers and shows undue deference to banks.

This article by Prof. Diarmaid Ferriter expresses the issue better than I can.