As Minister for Finance, I do not have the primary role in relation to amending the law in relation to the Statute of Limitations. This is a matter which has broad legal application and, as such, would fall for consideration, in the first instance, by my colleague the Minister for Justice and Equality.
Turning specifically to Payment Protection Insurance issue, the Financial Services Ombudsman Bureau was established under the Central Bank and Financial Services Authority of Ireland Act 2004. This legislation provides the Financial Services Ombudsman with various powers in order to determine jurisdiction on a complaint. Included in this is a statutory timeframe. Section 57BX (3)(b) provides:- A consumer is not entitled to make a complaint if the conduct complained of occurred more than 6 years before the complaint is made.
Therefore, the legislation prohibits the Financial Services Ombudsman from examining any aspect of a complaint where the conduct being complained of occurred more than 6 years prior to the receipt of the complaint in his Office.