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Inadequate' oversight - financial panel

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  • 12-08-2009 11:46am
    #1
    bealtine
    Registered Users Posts: 4,051 ✭✭✭


    While this piece is not directly related to telecommunications, I feel the conclusions and various points raised have a chilling parallel in the telecommunications field. Perhaps a similar body for the telecommunications industry is warranted?


    http://www.rte.ie/business/2009/0812/financial.html

    'Inadequate' oversight - financial panel
    Wednesday, 12 August 2009 11:37

    Regulatory standards at home and internationally have proved inadequate to deal with the unprecedented turmoil in financial markets, according to the chairman of the Financial Services Consultative Industry Panel, David Went.

    The body, which was set up to provide feedback from the financial services industry on financial regulation, published its annual report for 2008 today.

    Mr Went said it was clear that regulatory oversight of governance in Ireland was inadequate, and that corporate governance in the banking sector had been found 'severely wanting'.


    Mr Went said the changes needed to create a sounder system for the future would be 'substantial and profound'.

    The report concluded that regulatory reforms needed to send a signal to international markets that Ireland was serious about repairing its system and adopting an effective regulatory model.

    It said the changes being proposed by the Government - which include a new Central Bank of Ireland Commission - must be properly debated, warning that a 'one size fits all' approach must be avoided. The panel said that while structures were important, the quality of staff involved in financial regulation was far more important.

    The panel was set up five years ago and is made up of individuals that represent the interests of financial services providers and representatives from across the financial services industry.


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