First meeting of the Financial Industry Forum

When 11 May 2022 9:30 AM
Where Central Bank of Ireland, North Wall Quay

Following on from a public consultation on “CP 136 Enhancing our Engagement with Stakeholders” the Central Bank has established the Financial Industry Forum to provide an additional channel for the Central Bank Senior Leadership Team to listen to our financial services industry stakeholders.

Opening remarks by Governor Gabriel Makhlouf.

Discussion Summary

• Support for the opportunity to engage with the Central Bank through this newly established Forum and support for the Bank's strategic priority of being 'Open and Engaged'.
• The importance of cross-sectoral engagement in understanding the issues that affect all sectors in the financial system, including new and emerging sectors and in fostering greater trust in the financial system.
• In being future focused, there was a discussion about the operating and regulatory environment in Ireland and how it is important to foster competition and innovation, and to continue to maintain and enhance Ireland's reputation as a centre for trusted financial services.
• A focus on consumer outcomes was identified as important for the Forum to consider going forward.
• Regarding the regulatory framework, there was discussion on the predictability and proportionality of the framework and the potential benefit of earlier engagement with industry to understand possible issues that may arise during implementation of new policy. There was also discussion on greater understanding of supervisory expectations including in the authorisation process.

• Key issues on which the Forum will focus include consumer protection, innovation and individual accountability.