We want Irish financial services and banks to treat their customers better. In order for this to happen, any wrong doing has to be identified speedily and customers issues resolved promptly. As an example the tracker mortgage scandal dragged on for years before people had their complaints addressed and resolved. Our solution is to introduce an incentivised whistle blowing scheme for financial services in Ireland. This scheme would be similar to the scheme operating in the United States. See here for more information. https://www.cnbc.com/2021/09/15/sec-whistleblower-payouts-top-1-billion-financial-regulator-says.html

This will need new legislation and now is an ideal time as our politicians are introducing the Central Bank Individual Accountability Framework Bill. We want to lobby our politicians to amend this bill to include incentivised whistle blowing.

We have commissioned independent research from Red C Research which confirms strong public support for our proposal[1] [1] Independent research commissioned by Impartial Financial Advice ltd. and compiled by Red C Research and Marketing Ltd. www.redcresearch.ie The results are from RED Line, their online omnibus with a nationally representative sample of n=1,001 people living in the Republic of Ireland aged 18+. The sample is drawn from our own online panel, RED C Live, which is one of the largest consumer research panels in Ireland and has over 40,000 members. This wave of the omnibus ran from Thursday 7th to Tuesday 13th October.

Key Findings

72% of people in Ireland are in favour of the introduction of an incentivised whistleblowing scheme for the financial services sector

Generally people see this having a positive impact on the financial services sector, with 71% agreeing that it will lead to better culture and behaviour in financial services firms

Most people also believe that an incentivised whistleblowing scheme will lead to greater efficiencies in both identifying and resolving issues in the financial services sector, with three-quarters (75%) agreeing that it will lead to quicker identification of wrongdoing

Just over two-thirds (69%) expecting it will lead to faster resolution of wrongdoing.

If you agree with our petition this what we need from you.

1. Sign our petition
2. Share our petition with friends and family and across your social media
3. Contact your local TD to inform them of our petition and to ask for their support

Many thanks for your help and support. All comments and suggestions welcome.

Vincent Digby
Impartial Financial Advice Ltd.