222. Deputy John Lahart asked the Tánaiste and Minister for Finance with regard to the 1600 investors affected by the collapse of a company (details supplied), if he will initiate a full investigation into the circumstances surrounding the collapse; if he will ensure accountability from all parties responsible for any wrongdoing or failures in oversight; to seek greater transparency regarding the sale of assets and the liquidation process; to review the regulation, promotion, and distribution of these investment products; to provide stronger protections for investors to prevent similar losses in the future; to explore every possible avenue for financial recovery and redress for those affected; and if he will make a statement on the matter. [53622/26]

The Central Bank is the independent regulator for financial services determines what measures or actions need to be taken in relation to any potential, or actual, wrongdoing by regulated financial service providers.

European and Irish legislation requires the regulation of financial services firms providing investment services in relation to investment products. The law lists the various types of regulated investment services and investment.  Regulated firms may also sell investment products which are not specifically mentioned in the law (i.e. unregulated products). Where they do so, certain investor protections, which apply to regulated activities do not apply.

The Central Bank recently reviewed the Consumer Protection Code (CPC) and this included a review of the rules around the sale of unregulated products by regulated entities. As part of the review, the Central Bank held a public consultation and changes came into effect in March 2026.

Under the Code’s Standards for Business, firms are required to ensure that all information they provide to customers is presented in a way that seeks to effectively inform the customer.

Firms are also required to take appropriate steps to mitigate the risk that a customer will understand an activity to be, or to carry the protections of, a regulated activity where this is not the case. There are additional disclosure requirements to ensure firms enable customer understanding of the status of unregulated products and services provided. This includes the requirement for website information on regulated activities to be kept separate, and the requirement for firms to have systems and controls, processes, policies, and procedures to achieve certain outcomes for consumers.

Consumers may have recourse to the Financial Services and Pensions Ombudsman (FSPO) in relation to financial services provided to them by regulated firms. If a consumer wishes to pursue a complaint in relation to a regulated financial service provider, they must firstly make a complaint to the provider. If the complaint is not resolved, they can then make a complaint to the FSPO.