The Central Bank Reform Bill 2010 replaced the Consultative Panels with new advisory arrangements which have yet to be put in place. The information in this section relates to the recently discontinued Consultative Industry Panel.
The members of the Financial Services Consultative Industry Panel ("Industry Panel") are appointed by the Minister for Finance.
The membership is representative of the overall financial services industry in Ireland.
It includes representation from the retail and wholesale sectors and covers both large and small financial services businesses.
Functions of the Industry Panel
The Industry Panel shares the following two functions with the Consultative Consumer Panel :
- to comment on the Financial Regulator's draft estimate of income and expenditure and consult with the Minister for Finance before he approves the draft estimate of income and expenditure
- when requested to comment on policy and regulatory documents issued, or to be issued, by the Financial Regulator.
The Industry Panel is further charged with:
- commenting on levies and fees that the Financial Regulator proposes to prescribe
- commenting on the impact on competitiveness of the Financial Regulator's imposition of restrictions/conditions
- commenting on the impact of changing trends on the Financial Regulator's functions and responsibilities.
Read more in the section on Functions of the Industry Panel
The Financial Regulator must consult each Panel before issuing a policy or regulatory document.
The Financial Regulator is to provide the Industry Panel with such administrative services (including technical and legal advice) as the Financial Regulator believes are necessary for the Panel to exercise its functions.
Publishing of Industry Panel’s Annual Report
The Financial Regulator must arrange for the publication of:
- the Industry Panel’s annual report
- comments of the Panel
- reports of meetings and advisory groups
- reports issued/commissioned by the Panel or advisory groups;
- Panels’ rules of procedure
- any reasons given to the Panel by the Financial Regulator for not taking into account any comments of the Panel (where requested by the Panel to publish)