Dáil Éireann Debate, Thursday - 17 November 2016
129. Deputy Niall Collins asked the Minister for Finance the total amount of funding allocated to the Financial Services Ombudsman in 2015 to 2017, inclusive, in tabular form; and if he will make a statement on the matter. [35669/16]
View answerAt the outset, I must point out that the Financial Services Ombudsman is independent in the performance of his statutory functions.
The Central Bank and Financial Services Authority of Ireland Act, 2004 provided for the establishment of the Financial Services Ombudsman Council. Under Section 57BE, the Financial Services Ombudsman Council may impose levies and fees to enable the Financial Services Ombudsman to perform the functions assigned to him and to exercise the powers conferred on him by statute. Under Section 57 BF, the regulations do not take effect until the Minister has consented to them in writing.
The following table shows funding levied on the financial service industry to be paid to the Financial Services Ombudsman:-
|
Year |
Funding to be paid by industry |
|
2015 |
€3,743,343 (out-turn) |
|
2016 |
€4,231,924 |
|
2017 |
Not available * |
*Council Regulations under Section 57BE have not yet been received.
Full details of the income and expenditure of Financial Services Ombudsman are available on his website at www.financialombudsman.ie. Actual expenditure may exceed funding provided by industry if funds are carried over from the previous year.
