The Central Bank and Financial Services Authority of Ireland Bill 2002 is at the second stage in the Irish Parliament and looks set to become law in or around February 2003. It provides for a new authority being established within a restructured Central Bank of Ireland – the Irish Financial Services Regulatory Authority (IFSRA). Like the Financial Services Authority (FSA) in the UK, this will be an integrated regulator responsible for credit institutions, insurance companies, investment business firms, friendly societies and credit unions.
At present the Central Bank is the principle regulator of financial services, but the Department of Enterprise, Trade and Employment is the regulator for insurance companies. There is also a Director of Consumer Affairs and a separate regulator, the Registrar of Friendly Societies, for credit unions. Going forward the IFSRA will have the prudential supervisory role as well as being the regulator with responsibility for providing consumer protection.
