Dáil Éireann Debate, Tuesday - 15 April 2014
204. Deputy Clare Daly asked the Minister for Finance if he is satisfied that the Financial Services Ombudsman's office is made up of those with connections to the financial institutions that they are charged with overseeing; and his views on whether a completely independent body should be established. [17911/14]
View answerThe Financial Services Ombudsman s Bureau was established under the Central Bank and Financial Services Authority of Ireland Act, 2004. The legislation provides for an independent, impartial investigation and resolution of disputes between consumers and Financial Service Providers.
I have been advised by the Financial Services Ombudsman that the staff of the Bureau is composed of persons from a broad variety of backgrounds who have relevant experience, including those with financial industry experience.
Under the applicable legislation, when dealing with complaints made to him, the Ombudsman and all staff of the Bureau are required to perform the functions imposed and exercise the powers conferred by the legislation free from interference from any other person. According to the legislation, when dealing with a particular complaint, the staff are required to act in an informal manner and according to equity, good conscience and the substantial merits of the complaint without regard to technicality or legal form.
The Ombudsman is satisfied that he and all Bureau staff are duly appointed in accordance with the statutory requirements and exercise their powers and duties in an independent, fair and impartial manner. He has assured me that no conflict of interests (real or perceived) affect findings issued.
If parties to a complaint are not satisfied with a finding, they have a right of appeal to the High Court or may pursue Judicial Review proceedings.
