Firstly, I must point out that the Financial Services and Pensions Ombudsman (FSPO) is independent in the performance of his statutory functions. I have no role in the day to day workings of the office or in the decisions which he takes.
The redress that can be directed by the Financial Services and Pensions Ombudsman is outlined in the Financial Services and Pensions Ombudsman Act 2017, as amended (‘the Act’).
In drafting this legislation, my Department reviewed the legislation underpinning the Pensions Ombudsman (the Pensions Act 1990, inserted by the Pensions (Amendment) Act 2002), and the Financial Services Ombudsman, (Part 7 of the Central Bank Act 1942, as inserted by the Central Bank and Financial Services Authority of Ireland Act 2004). In a number of areas the different treatment of the two respective categories of Financial Services and Pensions was maintained.
Therefore, different rules continue apply in relation to financial redress in respect of financial services and pension providers which reflects the different characteristics of pension products and other financial products and services.
However it is important to note that financial redress is not the only option available to the FSPO to address complaints in relation to financial services and pension providers. The objective of the Office is broader than the provision of financial redress.
The role of the FSPO is to resolve complaints from consumers through independent, fair, impartial, confidential and free service. For some consumers this may be an informal process, for others it may involve mediation, investigation, decision and settlements or redress.
While there is no plans to amend the FSPO Act at this time, the Department continually reviews all consumer protection legislation, including the FSPO Act, under our remit to ensure that a comprehensive framework is in place which provides adequate protections for consumers in respect of regulated financial services.
