Dáil Éireann Debate, Tuesday - 22 February 2022
265. Deputy Mairéad Farrell asked the Minister for Finance if additional resources required by the Financial Services and Pensions Ombudsman to deal with consumer complaints are met by the levy on the industry generating the complaints. [9775/22]
View answerAs the Deputy is aware, the Financial Services and Pensions Ombudsman (FSPO) is independent in the performance of her statutory functions and I have no role in the day to day workings of the office or in the decisions which she takes.
The FSPO has informed me that in accordance with the Financial Services and Pensions Ombudsman Act 2017 (‘the Act’), the Financial Services and Pensions Ombudsman Council approves the FSPO’s annual budget of operating costs.
This annual budget is funded through two distinct sources in accordance with the Act; financial services complaints are funded by a levy on the financial services industry and pension complaints are funded by the Exchequer. The apportionment of the annual budget is based upon the complaints received in the previous three-year period in respect of pensions and financial services and therefore reflects the most recent complaints handling experience. Any increase or decrease in particular categories of complaints will be reflected in the amount of the financial services industry levy due to be paid by firms within that category.
