Financial Regulator & The Consumer Panel

[oceanclub]

The Consultative Consumer Panel of the Financial Regulator is a watchdog body; more on it here:

Introduction

In May, the panel of the Financial Regulator issued a report condemning the Financial Regulator for not attempting to control the property bubble:

Regulator 'added to slump' by failing to curb property bubble - The Irish Times - Tue, May 26, 2009

THE DOWNTURN in Ireland was magnified by the Financial Regulator’s failure to control the property market bubble, according to a damning new report.

The Financial Services Consultative Consumer Panel, which is tasked with monitoring the performance of the Financial Regulator, said in a report issued yesterday that most consumers have lost “significant amounts of money” due to the inadequacies of the financial regulatory structure. It also criticised the “deficient” response of the regulator to threats to consumers, including the domestic property bubble.

However, this strikes me as being too little, too late. Does anyone know if the Consumer Panel issues such warnings before and at the height of the bubble itself?

P.

[feargach]

I don't know, but I suspect not.

[Conor]

The minutes of their meetings are available from the Financial Regulator's website. The answer is "no".

[oceanclub]

I've only had a chance to go through the minutes for the 12 months prior to the peak of the property bubble (February 2007):

February 2007:

http://www.financialregulator.ie/con...%20Minutes.pdf - no mention of property/mortgages

January 2007:

http://www.financialregulator.ie/con...%20Minutes.pdf - no mention of property/mortgages

December 2006:

http://www.financialregulator.ie/con...%20Minutes.pdf - notno mention of property/mortgages

November 2006:

http://www.financialregulator.ie/con...%20Minutes.pdf - no mention of property/mortgages


October 2006:

http://www.financialregulator.ie/con...%20Minutes.pdf - no mention of property/mortgages

September 2006:

http://www.financialregulator.ie/con...%20Minutes.pdf - no mention of property/mortgages

July 2006:

http://www.financialregulator.ie/con...%20Minutes.pdf - no mention of property/mortgages
June 2006:

http://www.financialregulator.ie/con...%20Minutes.pdf - no mention of property/mortgages

May 2006:

http://www.financialregulator.ie/con...%20Minutes.pdf - no mention of property/mortgages
April 2006:

http://www.financialregulator.ie/con...%20Minutes.pdf - mention of lending practises of the Irish Nationwide Society

The Chair [Brendan Burgess] spoke to his previously circulated briefing note on the lending
practices of the Irish Nationwide Building Society. After a short discussion,
and as the Chair has a long-standing personal position on the issue, he stepped
down for this item and temporarily left the meeting, and Professor Mulcahy
was nominated as interim Chairman. It was agreed that the Secretary would
seek advice for the Panel of the statutory position under their mandate in
respect of complaints about specific institutions, and revert later.

March 2006:

http://www.financialregulator.ie/con...%20Minutes.pdf

Again, mention of Irish Nationwide:

The second item was raised by the Chair, and concerns Irish Nationwide
Building Society. The Chair reported that he had met the Financial Regulator
in a personal capacity to voice concerns he has relating to the lending practices
of this company. It was decided that the Chair in his personal capacity would
produce a briefing memo to enable the Panel decide whether to engage with
the Financial Regulator on the issue.

====

So, apart from the chair's concerns about Irish Nationwide, which have been documented elsewhere (https://www.tribune.ie/archive/artic...ationwide-boa/), the Consumer Panel does not mention the lending practises of any other financial bodies. I find this strange.

P.

[feargach]

Brendan Burgess, have I heard that name before in relation to a website?

[Conor]

Brendan Burgess, have I heard that name before in relation to a website?

Perhaps the panel were forbidden from discussing property values.

[oceanclub]

Brendan Burgess, have I heard that name before in relation to a website?

He's the founder of Ask About Money (http://www.askaboutmoney.com).

P.