Dáil Éireann Debate, Tuesday - 17 February 2015
219. Deputy Michael McGrath asked the Minister for Finance if recourse is open to persons who purchased endowment mortgages a number of years ago, and who feel they were mis-sold the product by the financial institution concerned; and if he will make a statement on the matter. [6869/15]
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.
This legislation also provides the Financial Services Ombudsman with various powers in order to determine jurisdiction on a complaint. Included in this is a statutory timeframe, Section 57BX (3)(b) provides:-
"A consumer is not entitled to make a complaint if the conduct complained of - occurred more than 6 years before the complaint is made."
The legislation prohibits the Financial Services Ombudsman from examining any aspect of a complaint where the conduct being complained of occurred more than 6 years from receipt of the Complaint in his Office. The Financial Services Ombudsman has no discretion in relation to the 6 years rule.
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 meets as required 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.
