Central Bank and Financial Services Authority of Ireland Act 2004

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“Supplementary powers of Consumer Director with respect to carrying out the responsibilities imposed under section 33S.

33SA.—(1) To enable the Consumer Director to carry out the responsibilities imposed by section 33S, that Director may—

(a) undertake studies, analyses and surveys with respect to the provision of relevant financial services to consumers, and

(b) collect and compile information for that purpose, and

(c) publish the results of any such studies, analyses or surveys.

(2) In undertaking such a study, analysis or survey, the Consumer Director—

(a) may, by notice in writing, require any person who, in the opinion of that Director has information, or has control of a record or other thing, that is relevant to the study, analysis or survey to provide the information, record or thing to the Consumer Director, and

(b) may, by the same or another notice in writing, require the person to attend before that Director for that purpose.

(3) A person commits an offence if the person—

(a) intentionally prevents the Consumer Director from exercising a power conferred by subsection (1), or intentionally obstructs or hinders that Director in the exercise of such a power, or

(b) without reasonable excuse, fails to comply with a requirement made to the person in accordance with subsection (2), or

(c) in purporting to comply with a requirement made under subsection (2) to provide information, provides the Consumer Director with information that the person knows, or ought reasonably to know, is false or misleading in a material respect.

(4) The Consumer Director may, in writing, authorise an officer or a member of the Bank's staff to investigate the business, or any aspect of the business, of a financial service provider who has been required under this section to provide information, or a record or other thing. Such an officer or member of the Bank's staff may take whatever steps are necessary for or in connection with carrying out such an investigation.

(5) A financial service provider who—

(a) without reasonable excuse, fails to co-operate with an investigation carried out under subsection (4), or

(b) intentionally prevents such an investigation from being carried out, or intentionally obstructs or hinders the investigation,

commits an offence.

(6) A person who is convicted of an offence under this section is liable—

(a) on conviction on indictment, to a fine not exceeding €30,000 or to imprisonment for a term not exceeding five years, or to both, or

(b) on summary conviction, to a fine not exceeding €3,000 or to imprisonment for a term not exceeding 12 months, or to both.

(7) Summary proceedings for an offence under this section may be brought and prosecuted by the Chief Executive, but not to the exclusion of any other person who is authorised to bring and prosecute summary offences.

(8) Despite section 10 (4) of the Petty Sessions (Ireland) Act 1851 , summary proceeding for an offence under this section may be brought within 2 years after the date on which the offence was first discovered.”.