Financial Regulator to add 360 jobs in next two years

The new Financial Regulator is planning to double his staff numbers over the next two years.

Matthew Elderfield has expressed surprise at how poorly resourced the system is.

He told the Irish Times he plans to increase staff numbers by 160 this year, and a further 200 in the next two years, in order to bring Ireland into line with international norms.

Mr Elderfield is also calling for tougher fines for those who break the sector's rules, saying the current maximum of €5m is not enough of a deterrent.