More uselessness from the Financial Regulator

[Clanrickard]

Regulator knew of AIB overcharging, says auditor - The Irish Times - Tue, Mar 24, 2009

Eugene McErlane, who helped highlight overcharging of AIB customers by the bank, was speaking before the Oireachtas Joint Committee on Economic Regulatory Affairs this afternoon. He was called before the committee to discuss the role of internal audit at the bank.

"The key facts are that the Financial Regulator knew about overcharging in AIB in 2001, conducted its own investigation in 2002 and failed to protect consumers," he said.

"Further, in 2005 the Financial Regulator failed to inform an Oireachtas Inquiry about their investigation and in fact gave the false impression that they were unaware of overcharging until 2004."

If this is true heads need to roll. Quite frankly unbelievable.

[bormotello]

At least they will not go for strike and will show to everybody that they are working very hard
Staff at the Financial Regulator vote against industrial action

Unionised staff at the Financial Regulator have decided by a margin of a single vote not to take part in mass strikes being organised by unions for March 30.

Around half of the 1,000strong staff at the Irish Financial Services Regulatory Authority (IFSRA) are members of Unite trade union.

These members were balloted in the middle of last week on whether they should take part in the planned strike action. It is believed around 400 union members voted, and the results of the ballot were known last Friday afternoon. A decision not to take part in strike action on tomorrow week was carried by just one vote. A spokesman for IFSRA confirmed the outcome of the ballot, and said the authority had no comment to make on the matter.

[euroboy]

I wouldnt say the Finanical Regulator was useless. He, it, was useful to those that stood to lose from any irregularities exposed, by not penalising them.

[Digout]

I wouldnt say the Finanical Regulator was useless. He, it, was useful to those that stood to lose from any irregularities exposed.

Was very good at poking around small investment brokers. Left all the big fish alone though.

[euroboy]

Was very good at poking around small investment brokers. Left all the big fish alone though.

Well i guess the small fish couldnt offer benefits in the future.

[wexfordman]

I would say useless to a tee... Had some dealings with them a few years ago regarind a complaint against a financial institution, the said nthig they could do about it. Ended out going the legal route and the firm capitulated completely...

[jc_ie]

But the regulator issued a statement saying that that is referrering to a different overcharging situation that it was aware of...... Of course they didnt actually say what they did about that one either.


*Im not defending them in the slightest by the way

[birthday]

I hope the full truth comes out on this. Either NcErlane or Financial Regulator is wrong.
It should be possible to establish the truth very quickly, But will this happen?

[jc_ie]

I hope the full truth comes out on this. Either NcErlane or Financial Regulator is wrong.
It should be possible to establish the truth very quickly, But will this happen?

Well first they'll have to appoint a commitee to oversee the people who will write a report for the minsters advisors who will draft a white paper for the minster to half read and get wrong.

So never then

[slx]

Something's certainly rotten at the Financial Regulators, hopefully it's just incompetence.

It's looking like our regulation system is just reaching a frightening level of ineptitude.