The Financial Regulator has asked the Government for more resources for its prudential supervision function, which it is recommended will be positioned under the new Central Banking Commission announced by the Taoiseach at the beginning of March. It has been reported that the Central Bank and the Supervision and Regulatory functions of the Financial Regulator will be merged in the new Commission. The Consumer Directorate of the Financial Regulator will merge with the office of the Financial Services Ombudsman to form a new Financial Service Consumer Agency. The Regulator also asked for more specialist expertise to be provided in the areas of enforcement, information systems and risk management. It said that clarification of the Regulator's enforcement powers is also required. A further request is a new potential directorate to supervise stock market activity and securities, which it believes should be separate from the supervision of banking and insurance. Prudential supervision of all financial services bodies falls under the Prudential Director Con Horan with a move away from principles based financial regulation to a stricter set of rules.