The criticisms are contained in the first feedback on the regulator's performance by the Consultative Consumer Panel, which was set up by the Minister for Finance to keep an eye on the regulator's performance. The panel's members include TV money expert Eddie Hobbs and broadcaster David McWilliams.

Responding to the criticism, the regulator said it was precluded from publishing information that is confidential, relates to criminal offences or is unfairly prejudicial. It added that its annual report did name some of the institutions it has brought to book. These included AIB, Bank of Ireland, National Irish Bank and Irish Nationwide Building Society.

The panel says the regulator needs to speed up its responses, urging it to set deadlines for thorny issues such as complaints about misleading advertising to be dealt with. It says the regulator needs to sacrifice formality in the interests of effectiveness.

Intriguingly, the regulator had not got around to tackling to this criticism by the time the panel published its report. The panel has also urged it to do more to educate consumers about their options when SSIAs start maturing this year and to protect them when buying complex financial products such as pensions. It also wants credit unions to be placed on a tighter rein.