The Financial Service Innovation Centre (FSIC) was commissioned by the Financial Services
Consultative Consumer Panel (the Consumer Panel) of the Financial Regulator to undertake an
independent review of its work since its establishment in November 2004. It is a timely review as
the Consumer Panel is to be abolished and replaced with a Consumer Advisory Group when the
Central Bank Reform Bill, 2010 is adopted in the autumn. The objectives of the Consumer Panel are
to monitor and comment on the performance of the financial services industry, the Financial
Regulator, and on any policy or regulatory documents prepared by it, from a consumer perspective.
It performs an important function in the financial regulatory framework by highlighting the concerns
facing consumers in the financial services industry and as an observer of the Financial Regulator in
executing its functions effectively and efficiently.