xxi See Honohan, P., Donovan, D., Gorecki, P. and Mottiar, R., 2010. The Irish banking crisis: Regulatory and financial stability policy 2003-2008, Report to the Minister for Finance. xxii In 2003, the Irish Financial Services Regulatory Authority (the ‘Financial Regulator’) was established within the overall new structure of the Central Bank and Financial Services Authority of Ireland.
As online services and adoption of technology become increasingly the norm in the financial services industry, the possibility of wrongdoers abusing the system also increase. While the scams and other attempts at fraud are impossible to eliminate, they can, nevertheless, be mitigated to a tolerable level. On that front, financial education and digital financial literacy are key components to meet our objective.