Dáil Éireann Debate, Wednesday - 16 January 2013
131. Deputy Joanna Tuffy asked the Minister for Finance the position pertaining in respect of a person if a bank fails to make a timely decision in respect of a complaint to that bank (details supplied); and if he will make a statement on the matter. [1071/13]
View answerI have been advised by the Central Bank that Chapter 10 of the Central Bank’s Consumer Protection Code 2012 outlines the requirements that a regulated entity must adhere to regarding errors and complaints resolution. However, it should be noted that these requirements apply to the regulated activities of regulated firms operating in the State.
In the context of an AVC pension fund, (to which the Deputy refers), I am advised by the Central Bank that the trustees of the fund would be considered as “consumers” for the purposes of the Consumer Protection Code. Therefore, a complaint from the trustees should be treated in accordance with Chapter 10 which provides that the regulated entity must attempt to investigate and resolve a complaint within 40 business days of having received the complaint. Where the 40 business days have elapsed and the complaint is not resolved, the regulated entity must inform the complainant of the anticipated timeframe within which the regulated entity hopes to resolve the complaint and must inform the consumer that they can refer the matter to the relevant Ombudsman, and must provide the consumer with the contact details of such Ombudsman. In this case the relevant Ombudsman is the Pensions Ombudsman.
A copy of the Code is available on the Central Bank’s website: www.Centralbank.ie.
