Seminar by Derville Rowland, Director General, Financial Conduct, Galway Mayo Institute of Technology
Introduction
I am delighted to be here with you at the Galway Mayo Institute of Technology. I want to talk to you today about what the Central Bank of Ireland is doing to protect consumers. I will explain, first of all, the scope of our regulatory and supervisory work, particularly our consumer protection work, and then detail why we are now increasingly requiring financial services firms to transform their culture in order to better protect consumers.
The Watchful Eye
I was very struck by research conducted more than a decade ago which considered the effect of an image of a pair of eyes on contributions to an honesty box used to collect money for drinks in a university coffee room. The research found that people contributed nearly three times as much for their drinks when they saw the image of eyes over the box compared with a control image of a bunch of flowers. The conclusion was t
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