The Central Bank of Ireland is the financial services regulator of Ireland and historically the central bank. In compliance with Central Bank Reform Act 2010 the Financial Services Authority of Ireland (commonly known as the Central Bank) and the Irish Financial Services Regulatory Authority (financial regulator) were replaced by a new single body – the Central Bank of Ireland – which now fulfills both central banking and regulatory functions.
The Central Bank controls the activities of all financial institutions in Ireland with the purpose to enforce and maintain fair and safe financial environment for consumers. It implements and monitors the consumer protection, the compliance of financial bodies with the established business and prudential requirements.
It also fixes min competency requirements for companies. The Central Bank has created several statutory codes of conduct which force financial bodies within its jurisdiction to carry out operations fairly, transparently and solely in the interests of their clients. These protection codes are enforced by means of on-site inspections and backed up by enforcement powers.