Dáil Éireann Debate, Tuesday - 2 February 2016
166. Deputy Mattie McGrath asked the Minister for Finance the amount of compensation that has been awarded to persons who have been mis-sold financial products during the lifetime of this Government; and if he will make a statement on the matter. [3951/16]
View answerThe scope of this question is very broad and I do not have access to the data requested by the Deputy specifically awarded for mis-selling. Compensation may be awarded by the Courts as well as by agencies under my aegis and there can be multiple reasons for awards of compensation.
In relation to bodies under my aegis, I have been advised by the Central Bank that the Bank does not have a figure for amounts awarded as compensation for mis-selling of financial products. However the 2014 Annual Report contains some published information on redress by regulated firms arising from errors or overcharging reported to the Central Bank or arising on foot of issues identified through supervisory activity.
The report referred to €70.1 million restitution in respect of payment protection insurance and an overall total of over €100 million restitution. Full details are available at http://www.centralbank.ie/press-area/press-releases/Documents/Annual%20Report%202014.pdf.
In relation to cases dealt with by the Financial Services Ombudsman, the Ombudsman has informed me that the information requested by the Deputy is as follows:
|
Year |
Complaint Type |
Compensation Awarded |
|
2011 |
Mis-selling |
€974,632.00 |
|
2012 |
Mis-selling |
€566,524.00 |
|
2013 |
Mis-selling |
€380,071.00 |
|
2014 |
Mis-selling |
€365,583.00 |
|
2015 |
Mis-selling |
€564,612.00 |
Compensation is not the only remedy available to the Ombudsman, he also has powers of rectification ( i.e. putting a person back to a position where they previously were before the complaint arose) and no account of any rectification is included in the figures above.
