Dáil Éireann Debate, Tuesday - 15 April 2014
200. Deputy Michael McGrath asked the Minister for Finance the person responsible for ensuring that the decisions of the Financial Services Ombudsman in respect of individual cases are implemented by the financial service providers concerned; and if he will make a statement on the matter. [17817/14]
View answerFirstly, I must point out that the Financial Services Ombudsman (FSO) is independent in the carrying out of his duties. It would not be appropriate for me to comment on how he performs his duties.
Where the FSO has issued findings including a direction requiring action by the Financial Services Provider (FSP), the FSO has informed me that, to date, there has been a very high rate of compliance with those directions. In a small number of cases the FSO is usually notified by the complainant when a direction in a finding is not complied with. In such cases and on being notified, the FSO follows up with the FSP to require compliance.
In some instances, despite follow up by the FSO, a FSP may fail to comply. This can be for a variety of reasons including where the FSP may no longer be trading. Under Section 57CJ of the Central Bank and Financial Services Authority of Ireland Act 2004, enforcement proceedings may be brought in the Circuit Court by either the FSO or the complainant for an enforcement order in respect of any direction not complied with.
In exercising its statutory discretion as to whether to bring such enforcement proceedings, the FSO considers a number of factors including the likelihood of whether such action will bring about actual compliance with the Finding, taking into account the status of the FSP and the likely resources and costs involved.
