Skip to main content
Normal View

Financial Services Ombudsman

Dáil Éireann Debate, Tuesday - 26 March 2013

Tuesday, 26 March 2013

Questions (201)

Pearse Doherty

Question:

201. Deputy Pearse Doherty asked the Minister for Finance if he will confirm that the Financial Services Ombudsman, due to the Irish bank Resolution Corporation Act 2013, cannot now investigate complaints by mortgage holders against the IBRC; and if he will make a statement on the matter. [14917/13]

View answer

Written answers

Firstly, I must point out that the Financial Services Ombudsman is independent in the performance of his statutory functions and it would not be appropriate for me to comment on how he performs those duties.

The Irish Bank Resolution Corporation Act 2013 was passed on 7 February 2013. Pursuant to the provisions of the Act, I made a Special Liquidation Order for the purpose of winding up IBRC.

Section 6(6) of the Act specifically provides that the making of a special liquidation order does not preclude any investigation by certain authorities, including authorities which may investigate any person under or by virtue of any enactment, rule of law or contract. The Financial Services Ombudsman investigates complaints by eligible consumers in respect of certain conduct by regulated financial service providers pursuant to part VIIB of the Central Bank Act 1942.

Therefore, I have been advised that the Financial Services Ombudsman is not precluded from investigating complaints by mortgage holders against the former IBRC due to the new Act.

As I mentioned, the Financial Services Ombudsman is independent in the performance of his duties and I understand that he may have taken a more restrictive interpretation of the Irish Bank Resolution Corporation Act 2013 provisions.

Top
Share