We will continue to work towards delivering the respective mandates of each of the regulatory areas in pursuance of the overall strategic and statutory objective of the central bank – safeguarding stability and protecting consumers. The primacy of this objective within our mandate is not affected by the laws establishing the SSM.
In the consumer protection, assessing conduct risk under the existing PRISM framework will continue to be a key area of focus. Through the enactment of the Central Bank (Supervision & Enforcement) Act 2013, we now have new powers to direct regulated firms to provide redress for widespread or regular specified defaults by a firm.