The proposed Consumer Panel of IFSRA

The Second IFSRA Bill has just been published. Here are the bits on the Consultative Consumer Panel:


CHAPTER 2: Consultative Consumer Panel
This provides for the members of the Panel — minimum of 5,
maximum of 20 — to be appointed by the Minister, following consultation with the Minister for Enterprise, Trade & Employment and organisations representing consumers. The functions of the Panel are stated to be:
• to monitor the performance by the Regulatory Authority of
its functions and responsibilities under the Act
• to provide the Regulatory Authority with comments with
respect to the performance of its functions and responsibilities
• to provide the Regulatory Authority with suggestions for
initiatives that, in the Panel’s opinion, that Authority should
take with respect to the performance of its functions and
responsibilities
• when the Regulatory Authority so requests, to comment on
policy or regulatory documents that that Authority proposes
to issue
• to provide the Regulatory Authority with comments on that
Authority’s draft estimate of income and expenditure for each
financial year.

The Authority is obliged to provide the Panel with such administrative services and funds as it judges to be necessary to enable the Panel to perform its functions. It is also obliged to arrange for the attendance of appropriate officials at meetings of the Panel.


CHAPTER 4: Provisions applying to both Consultative Panels
This provides for:
• Requirement that the Regulatory Authority consult each
Panel before making or issuing a policy or regulatory
document
• Requirement that the Authority, if it does not agree with the
comments of a Panel, to state why it disagrees
• Requirement that the Authority publish reports and comments of Panels • Requirement that the Minister consult each Panel before approving the Authority’s annual budget
• Duty of each Panel to produce an annual report
• Duty on the Chairperson of each Panel to appear on request
before an Oireachtas Committee
• Right of Panels, either separately or jointly, to appoint Advisory Groups who may be consulted directly by the Authority

Schedule 8 sets out more detailed provisions relating to the Panels, including the right of members to receive such allowances and expenses as the Authority determines and provisions for terminating a member’s appointment.

I suppose it will end up being stuffed with the usual 'partnership' types ...lots of public service union representatives, farmers, FF & PD connected cronies and friends...I'd say the chances of a 'man in the street' making this Panel are slim to nothing!

The main thing from Dept of Finance point of view will be to put people on the Panel who won't 'rock the boat'.

Sorry Eddie or Brendan, don't see you making the split!

Above

If what RIAPI says stacks up perhaps Brendan, Eddie et al would be better off outside the tent, and wouldn't then be compromised by the system prepared to keep power away from the panel??

Re: Above

Hi Tent

It's an interesting question. If I was invited onto the Panel, I would presume that no limitations would be placed on what I could or couldn't do? In other words, it could hardly be conditional on my agreeing to stop publicly criticising the practices and products of financial institutions. I would be making such criticisms in my own name rather than as a spokesperson for IFSRA. It might place a limitation on what I could say publicly about IFSRA itself though.

Being on an advisory panel would be different from being on the board. I presume that if I was on the board, I would have a good forum for my criticisms and suggestions. As a board member of IFSRA, I could hardly make a public complaint to IFSRA about products or practices.

Brendan

Congratulations on the well written article reviewing the operations of IFSRA to date in yesterday's Tribune. Well done.

Thanks 0

Brendan