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Financial Services Ombudsman

Dáil Éireann Debate, Thursday - 27 February 2014

Thursday, 27 February 2014

Questions (70)

Michael McGrath

Question:

70. Deputy Michael McGrath asked the Minister for Finance his plans to amend the rule which prevents consumers making a complaint to the Financial Services Ombudsman if more than six years have passed from the date of the purchase; and if he will make a statement on the matter. [10232/14]

View answer

Written answers

Under the Central Bank Act 1942, as amended, a consumer is not entitled to make a complaint to the Financial Services Ombudsman if the conduct complained of occurred more than six years before the complaint is made.

A complaint to the Pensions Ombudsman may be made within three years of the complainant first becoming aware of the act giving rise to the complaint, even if this is longer than six years.

Whether both windows of complaint should be similar when both offices are amalgamated, in line with the Government decision, is a policy matter which will be decided when the legislation is being developed. Providing the necessary protection to the consumer over the longer term is of paramount importance. Therefore, the  design of the appropriate  mechanisms to achieve this is complex, as it  involves a range of considerations, including the interface with the Statute of Limitations, existing consumer protection laws, complaints mechanisms and availability of records.

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