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Financial regulation is absolutely a structure that has been constructed to oversee the affairs of the financial services through constant supervision of the financial operations in order to be aligned with the norms of the stipulated rules, policies and regulations governing the financial transaction within a confined geographical location or beyond boundaries. Financial regulation regulates, provides the platform and subject financial institutions such as Banks, Insurance , credit union, credits card companies, securities and other financial services organisations to carryout their services within the certain requirements, borders and constituted guidelines in order to preserve the veracity of the financial system.

The chore of financial regulators are stated below

To guarantee competence of supplier of financial services

To guard clients from abuse of their rights

To carryout investigation of consumers grievance or compliant

To preserve the trustworthiness, credibility, reliability, integrity and confidence in the financial system

To diminish or completely eradicate the abuse characterised the financial services

To regulates all financial activities

To protect the provider of the financial services and the beneficiary of the services

Who made the regulation?

The government or non-governmental organisation can be the regulatory body providing various regulations controlling the financial transactions such as the Central Bank of Ireland, Financial Services Ombudsman and National Consumer Agency

The Central Bank of Ireland

Based on the financial environment the financial services segment have been re-organised with huge changes made. the Central Bank Reform Act 2010 enabling the Central Bank of Ireland to be in change of regulation. On the basis of the 2010 Act empowered the Central Bank's Consumer Director to the protection of investors and consumers. Monitoring the provision of financial services to consumers and supervisee the financial transaction as stated in the regulation.

Registrar of Credit Unions

Another power given to the Central Bank based on the 2010 Act is to appoint the Registrar of Credit Unions with the authority to regulate credit unions in the country. The Registrar is mandated to provide the necessary information in addition to co-operate with the Consumer Director in the Central Bank to solve any problem capable of derailing the progression of the unions such as consumer's abuse, grievances, criticism, protest, objection and complaint that can immanent within the credit union environment.

Financial Services Ombudsman

The Financial Services Authority of Ireland and the Central Bank and Act 2004 pave way for the creation of a statutory financial independent authority called Ombudsman.. The responsibility of Ombudsman can be descried as an independent arbitrator handling individual complaints against financial services institutions within the country. Such Complaints should lodged first with financial body that is responsibly on the ground that the issue is not dealt with complaints should be forwarded to the office of the Ombudsman. It is the constitutional right of the Ombudsman to provide solution to the complaints. The 2004 Act confine power to Ombudsman to order financial institutions to implement and carryout his decision on the complaints and to pay compensation if necessary to do so. Their decisions of ombudsman can only be challenge through the High Court judgement.

National Consumer Agency

Another regulatory body is the National Consumer Agency endow with the statutory responsibility to provide the regulation to protect the right of consumers. The agency also check, watch, observe, inspect, examine, keep eye on the system, supervise and investigates every complaints lodged. Furthermore, the agency makes sure that the advertising of credit by credit providers is verified. .

Financial services

can be described as the money business services that is provided by the financial institution that mange the financial transactions and operations such institutions are Banks, Insurance, Assurance, Investment funds, Government sponsor financial organisations, Credit unions, credit card companies, stock brokers, consumer finance , Foreign exchange