681. Deputy Cian O'Callaghan asked the Tánaiste and Minister for Finance if he intends to strengthen commission disclosure, conflict of interest rules or suitability requirements in cases where regulated intermediaries recommend unregulated investment products to pension investors; if he has assessed whether current disclosure obligations are sufficient to protect consumers; and if he will make a statement on the matter. [60796/26]

682. Deputy Cian O'Callaghan asked the Tánaiste and Minister for Finance if he is satisfied that the current regulatory framework adequately protects pension investors where regulated financial advisers recommend unregulated, illiquid or high risk investment products; if he will consider restricting or prohibiting such recommendations within pension structures; and if he will make a statement on the matter. [60791/26]

683. Deputy Cian O'Callaghan asked the Tánaiste and Minister for Finance if he will examine the need for a more accessible compensation or redress mechanism for consumers who suffer losses after receiving unsuitable regulated financial advice that results in investment in unregulated pension products; if he has engaged with the Central Bank on potential reforms in this area; and if he will make a statement on the matter. [60811/26]

I propose to take Questions Nos. 681 to 683, inclusive, together.

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

The Pensions Authority supervises compliance with the requirements of the Pensions Act, 1990 by trustees of occupational pension schemes and trust RACs, personal retirement savings account (PRSA) providers, registered administrators (RAs) and employers.

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.