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Legislative Measures

Dáil Éireann Debate, Wednesday - 19 January 2022

Wednesday, 19 January 2022

Questions (301)

Cian O'Callaghan

Question:

301. Deputy Cian O'Callaghan asked the Minister for Finance further to Parliamentary Question No. 203 of 7 December 2021, if he will examine and reform the timelines within the Financial Services and Pensions Ombudsman Act 2017 to provide greater protections for consumers; and if he will make a statement on the matter. [63267/21]

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Written answers

I am assuming the Deputy is referring to Parliamentary Question No. 201 (proof No. 203) of 7 December last as it refers to the time limits for investigating a complaint by the Financial Services and Pensions Ombudsman (FSPO) and not Parliamentary Question No. 203.

In July 2017, legislative changes were made to the time limits for making complaints to the FSPO’s predecessor, the Financial Services Ombudsman’s Bureau. This introduced additional time limits for complaints in respect of a “long-term financial service”. These expanded time limits were included in the Financial Services and Pensions Ombudsman Act 2017 which established the FSPO. The definition of long term financial service was further refined in 2018 to ensure greater protections for consumers. It is not proposed to make further amendments to the time limits within the Act at this time.

I would also add that section 51 of the Act, governing time limits, prescribes that any complaint about a "long-term financial service", can be made not only within the standard period of six years of the date of the conduct complained of, but also within a period of three years of a certain "date of knowledge" as prescribed within the Act. In addition, the Ombudsman has a statutory discretion, regarding such complaints, to extend the time where there are reasonable grounds for requiring a longer period and it would be just and equitable in all the circumstances to do so.

I am advised that any jurisdictional determination, including in relation to time limits, is made by the Ombudsman on the basis of an in-depth assessment of the evidence available regarding the complaint, to ensure that the provisions of the Act are observed.

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