The Irish Financial Services Regulatory Authority (Financial Regulator) was established on 1 May 2003 by the Central Bank and Financial Services Authority of Ireland Act 2003. The Financial Regulator is responsible for the regulation of all financial services firms in Ireland. It also has an important role in the protection of the consumers of those firms. It's main tasks are:
- help consumers to make informed decisions on their financial affairs in a safe and fair market; and
- foster sound, growing and solvent financial institutions which give consumers confidence that their deposits and investments are secure.
The Financial Regulator is a distinct component of the Central Bank and Financial Services Authority of Ireland, with clearly defined regulatory responsibilities which cover all Irish financial institutions including those previously regulated by the Central Bank, Department of Enterprise, Trade and Employment (DETE), Office of the Director of Consumer Affairs (ODCA) and Registrar of Friendly Societies.
The Financial Regulator contributes to the work of the Central Bank in discharging its responsibility in relation to the maintenance of overall financial stability.
