In relation to the Financial Services Ombudsman, Section 57CC of the Central Bank Act 1942 as amended provides that The Financial Services Ombudsman shall ensure that investigations are conducted in private. For this reason the FSO cannot comment on whether it has received a complaint from or against any particular person or entity, other than the publication of aggregate details in its Annual Reviews when at least 3 complaints relating to the regulated financial service provider have been found by the Ombudsman to be substantiated or partly substantiated in the previous financial year. That said it is of course open to a consumer to make a complaint to the FSO in relation to the conduct of a regulated financial services provider when they have an unresolved complaint. Investigations by the Financial Services Ombudsman are free of charge to the consumer.
It is not appropriate for me as Minister for Finance to become involved in individual consumer cases, rather it is my role to ensure that a robust consumer protection framework for financial products and services is in place. In relation to the Central Bank, it is unable to comment on its dealings with individual firms. However, the Consumer Protection Code 2012 imposes obligations on regulated entities in relation to their interactions with consumers. Where a regulated entity intends to cease operating, merge with another, or to transfer all or part of its regulated activities to another regulated entity, Provision 3.11 of the Consumer Protection Code states that it must: a. notify the Central Bank immediately; b. provide at least two months notice to affected consumers to enable them to make alternative arrangements; c. ensure all outstanding business is properly completed prior to the transfer, merger or cessation of operations or, alternatively in the case of a transfer or merger, inform the consumer of how continuity of service will be provided following the transfer or merger; and d. in the case of a merger or transfer of regulated activities, inform the consumer that their details are being transferred to the other regulated entity, if that is the case.
The Central Bank has a range of powers available to it to investigate non-compliance with its requirements and its approach to regulating financial services providers and markets, whilst ensuring the protection of consumers, is based on a model of assertive risk-based supervision underpinned by a credible threat of enforcement.