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Shock! Horror! Finreg caught again in overcharging scandal

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  • 24-03-2009 11:20pm
    #1
    bealtine
    Registered Users Posts: 4,051 ✭✭✭


    This simply shows the paucity of thought of regulators in Ireland, well OK it was the Central Bank but that's a mere detail.

    http://www.rte.ie/business/2009/0324/aib.html

    They knew the banks were overcharging yet pretended "in the interests of consumers" that nothing irregular was happening and all overcharging was not happening at all. They investigated and did absolutely nothing.

    "Financial Regulator knew about overcharging by the bank in 2001, but later gave the false impression that it became aware of it only in 2004."

    "He said the regulator had investigated the issue in 2002, but had failed to act, to protect consumers. He said three years later, in 2005, the regulator had failed to inform an Oireachtas inquiry about the investigation of the matter and had given the false impression that it was unaware of overcharging until 2004."

    Looks like the government may abolish the Financial Regulator

    Doesn't this all sound familiar?
    Everything is fine, lots of broadband subscribers, LLU process is fine, telephony costs are normal blah blah.

    A regulator that investigates and does absolutely nothing...

    Abolish the lot of them, they have no basis in law (except transposition of EU Directives) and are accountable to nobody, neither the courts nor the legislature.

    I believe all regulators to be illegal and unconstitutional. They no longer represent the interests of the people of Ireland and are simply mouthpieces that protect the industries they are supposed to be "regulating". In other words they have all become captured and ineffective.


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  • Options
    #2
    watty
    Registered Users Posts: 32,417 ✭✭✭✭watty


    They also give Ministers deniablity and "arms length".


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    #3
    croo
    Moderators, Technology & Internet Moderators Posts: 1,334 Mod ✭✭✭✭croo


    watty wrote: »
    They also give Ministers deniablity and "arms length".
    Indeed, this watty is the key!


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    #4
    bealtine
    Registered Users Posts: 4,051 ✭✭✭bealtine


    croo wrote: »
    Indeed, this watty is the key!

    Not in the case of Finwreck though, it all eventually came back to haunt the minister.

    How many regulatory scandals are required for this issue of out-of-control regulators to be properly examined.


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