Dáil Éireann Debate, Tuesday - 4 November 2014
273. Deputy Michael McGrath asked the Minister for Finance his plans to change the rule whereby a person can only submit a complaint to the Financial Services Ombudsman in respect of a product sold to them within the past six years; if he accepts that this rule excludes many consumers from being able to take a case to the Financial Services Ombudsman; and if he will make a statement on the matter. [40995/14]
View answerFirstly, 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.
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.
As the Deputy may be aware, my Department is currently progressing the amalgamation of the Offices of both the Financial Services Ombudsman and the Pensions Ombudsman. A Steering Group chaired by my Department with representatives from the Financial Services Ombudsman, the Pensions Ombudsman, the Departments of Public Expenditure and Reform and Social Protection is meeting to consider the best way to progress the amalgamation.
The question of the timeframe under which complaints can be reviewed is a policy matter which will be considered as the legislation to effect the amalgamation is being developed. I am of course mindful of the need to provide the necessary protection to the consumer over the longer term. However, the issues in this regard are complex involving a range of considerations including the interface with the Statute of Limitations, existing consumer protection laws, complaints mechanisms and the availability of records.
