The Central Bank and the Department of Finance published a joint consultation paper (CP95) entitled Funding the Cost of Financial Regulation. The paper outlines a number of proposed changes to the current funding structure, and considers a variety of topics including:
- the case for full industry funding;
- the current regulatory cost model;
- the future cost of financial regulation;
- international comparisons;
- domestic comparisons; and
- the regulatory landscape for each of the regulated sectors.
The consultation suggests that any change to the funding levy arrangements will have due regard to the impact on not just the financial services sector and individual firms but also to the fiscal impact and any potential impact on consumers. The consultation will close on 25 September 2015.