The Functions of the Consultative Consumer Panels are set out in Section 57CY of the Central Bank Act 1942 (as inserted by the Central Bank and Financial Services Authority of Ireland Act 2004).
The functions of the Consultative Consumer Panel are as follows:
- to monitor the performance by the Regulatory Authority of its functions and responsibilities under this Act
- to provide the Regulatory Authority with comments with respect to the performance of its functions and responsibilities
- to provide the Regulatory Authority with comments and suggestions with respect to the performance of the financial services industry
- to provide the Regulatory Authority with suggestions for initiatives that, in the Panel's opinion, that Authority should take with respect to the performance of its functions and responsibilities
- when the Regulatory Authority so requests, to comment on a policy document or regulatory document, or a proposed policy document or proposed regulatory document, prepared by that Authority
- to provide the Regulatory Authority with comments on that Authority's draft estimate of income and expenditure for each financial year
Section 57CY above should be read in conjunction with Section 57DF of the same Act, which is set out below.
- Before making or issuing a policy document or a regulatory document, the Regulatory Authority shall consult each Consultative Panel, unless that Authority believes that the document must be made or issued without delay. In that case, the Regulatory Authority shall consult each of the Panels as soon as possible after the document is made or issued.
- In making or issuing a policy document of regulatory document, the Regulatory Authority shall take into account the advice (if any) provided by a Consultative Panel on any aspect of the document. If the Regulatory Authority declines to give effect to any particular advice provided by the Panel, it shall provide the Panel with a written statement setting out its reasons for declining to give effect to the advice and shall, if the Panel so requires, publish the statement.
- The Minister shall consult each Consultative Panel before approving the Regulatory Authority's draft estimate and expenditure for a financial year.
If the Regulatory Authority makes or issues a policy document or a regulatory document, a failure of that Authority to comply with subsection (1) in relation to the document does not of itself invalidate the document.