Dáil Éireann debate -
Wednesday, 7 Mar 2001

Vol. 532 No. 2

Written Answers. - Appeal of Awards.

John Perry

Question:

121 Mr. Perry asked the Minister for Finance if, in view of the fact that banks have expressed concern at their right to appeal awards contrary to existing Ombudsman legislation, he will attempt to persuade banks to voluntarily aspire not to challenge awards up to a certain maximum figure; if not, if the Government will consider legislating to protect similar clients; and if he will make a statement on the matter. [7195/01]

Minister for Finance (Mr. McCreevy)

I have announced that I intend to bring in the statutory financial services ombudsman scheme as recommended in the report of the implementation advisory group on the establishment of a single regulatory authority. This will provide an appropriate framework for anyone who has purchased a banking or insurance product to make a complaint and have that complaint investigated.

It is my intention that the financial services ombudsman will have the necessary powers to ensure that the scheme constitutes an effective complaints system for the consumer. I am cur rently considering the range of powers which it would be appropriate for the financial services ombudsman to have. In finalising my views on that point, I will take into account anything the banks or the insurance companies wish to say to me concerning their intention to co-operate with the scheme.