Financial Services Regulation in Ireland - the Accountability Dimension

Abstract

Financial Services Regulation in Ireland - the Accountability Dimension assesses Ireland?s new financial regulatory structure. The study utilises two perspectives: an international comparison of the accountability structure of financial regulators in Britain, Australia and New Zealand and a domestic comparison tracing the evolution of the Irish utility regulators? structures. The paper argues that the basis of an accountability structure for the Irish Financial Services Regulatory Authority (IFSRA) should include explicit objectives and a process of performance evaluation, and questions whether these conditions have been met in the case of the Irish utility regulators. In addition, the paper finds the Oireacthas committee system struggles to carry out its oversight function of regulatory agencies and that significant reform is required if it is to succeed in this role in the case of the IFSRA. The provision of a consumer panel, with access to its own research capability, is also recommended.