Financial Services Union welcomes the publication of the consumer protection outlook report.

Issued : 29 March 2021

Press Release from the Financial Services Union.

Financial Services Union welcomes the publication of the consumer protection outlook report.

Central Bank should lead by example by putting consumer interests first.

The General Secretary of the FSU has today welcomed the publication of the consumer protection outlook report but has expressed criticism of the Central Banks lack of action on branch closures.

Commenting on the report John O’Connell, General Secretary of the FSU said.

“Pronouncements by the Central Bank on consumer protection ring hollow to those communities faced with the loss of their local Bank.

The revelation that the Central Bank Governor did not request a meeting with Bank of Ireland on the Banks plans to close 88 branches show a complete lack of customer focus and highlights the need for a cultural change in the Central Bank.

The Central Bank undermines its own authority when it fails to deal with or comment on the scale and speed that our Banks are implementing change. Communities around the Country have set up petitions to stop BOI closing branches, Councils have passed motions and politicians from all Parties have called for a moratorium on branch closures. The silence from the Central Bank is deafening.

In its report the Central Bank says that they would expect Banks to conduct an impact assessment on any decision to close a branch.  Clearly this was not done by Bank of Ireland. If the Central Bank require additional powers to force Banks to comply with this then I would ask the Government to pass regulation to empower the Central Bank in this regard.

One thing that the FSU and the Central and Governor do agree on is the urgent need for a Banking Forum to discuss the future of banking in Ireland. The FSU are meeting with Sean Fleming TD, Minister of State with responsibility for Banking tomorrow, Tuesday and we will be reiterating our call for the Government to immediately set up a Banking Forum concluded Mr O’Connell.

 

ENDS Contact: Brian McDowell, Head of Communications and Public Affairs, FSU. Tel: 087-9161225. Email: [email protected].

 

 

About FSU: The FSU is Ireland’s leading union across banking and finance. We represent thousands of staff across the main retail banks, and we have members in more than 70 companies across the finance and fintech sectors. Our members are spread across the Republic of Ireland, Northern Ireland, and Great Britain. We are headquartered in Dublin and we also have a presence in Belfast. We are members of the Irish Congress of Trade Unions and UNI Global finance union.