Tuesday 17 January 2017

Out-of-touch watchdog isn't defending public

Published 08/10/2016 | 02:30

Oireachtas Finance Committee chairman John McGuinness Photo: Collins Dublin, Gareth Chaney
Oireachtas Finance Committee chairman John McGuinness Photo: Collins Dublin, Gareth Chaney

A slip of the tongue or a chilling insight into the attitude of a toothless watchdog?

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Under fire over the role of the regulator in a motor insurance market where premiums continually spiral, Deputy Central Bank Governor Cyril Roux was asked at an Oireachtas committee if he was defending insurance companies or the consumer, when he blurted out: "I am not defending consumers."

Fianna Fáil TD John McGuinness, the chairman of the Oireachtas Finance Committee, summed up the views of many exasperated members of the public when he curtly replied to Mr Roux's confession: "That's for sure."

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