Irish Central Bank enforcer has taken hard line on Quinn
New assistant director general for enforcement at the Central Bank, Peter Oakes, is an outspoken supporter of the Financial Regulator's moves against Quinn Insurance, the Irish Independent reports.
Oakes has said it was "remarkable" that Financial Regulator Matthew Elderfield was being "turned on" for taking Quinn Insurance to task. He defended the regulator's decision to apply for the Quinn administration order on an "ex parte" basis.
Oakes criticised the regulator for not revealing the reasons behind the insurer's €3.45m fine. He described the wording of the regulator's consultation paper on whistle-blowing as "not very helpful" and criticised the lack of protection afforded to sources.
Former Axa Ireland executive Aidan Cassells, who has also headed up the Insurance Industry Federation was also given a role.