Dáil Question on the regulation of savings clubs

To ask the Minister for Finance if he has any remit to protect consumers who contribute to savings clubs over a period of 12 months in cases where the company may go into liquidation; and if he will make a statement on the matter.

Reply from Minister Michael Noonan T.D.

Neither I nor the Central Bank have any role in relation to the supervision of savings clubs.  However, I urge consumers to exercise caution when contributing to such clubs over a yearly period.  

The Deputy may wish to draw his concerns to the attention of the National Consumer Agency.  The Agency has responsibility in the area of consumer education.