Dáil Éireann Debate, Tuesday - 26 July 2022
358. Deputy Jennifer Carroll MacNeill asked the Minister for Finance if there is scope for a bank to repay a person in cases in which a person (details supplied) may have a unit linked policy with a bank exiting the Irish market and will therefore lose out on money; and if he will make a statement on the matter. [40340/22]
View answerWhile the withdrawal of KBC from the Irish market is disappointing, I do not have a role in the operations of any bank operating within the State. Decisions in this regard are commercial matters and are the sole responsibility of the board and management of the banks, which must be run on an independent and commercial basis.
My priority is that the withdrawal takes place in an orderly manner and the importance of this is emphasised in all engagements with KBC, who are meeting with officials from the Department of Finance on a monthly basis.
The Central Bank, as regulator, has made it clear to the management of KBC Bank Ireland that it expects a customer-focused approach to be taken in all aspects of business throughout its withdrawal. The Central Bank expects a regulated entity, at a minimum, to have a sound legal basis on which to redeem customer investments, and to provide clear and timely notice to affected customers.
Both the Central Bank and I expect that all customers are protected and fairly treated throughout this period of change and that regulated entities proactively (as part of their decision-making processes) assess the risks a decision may pose to new and existing customers, and develop comprehensive action plans to mitigate these risks.
Further information on KBC investment products is available on KBC's website at: kbc.ie/investments/important-update
If a consumer is dissatisfied with the services provided by KBC, they can submit a complaint via the bank's formal internal complaint process. If their complaint is not resolved to their satisfaction through this process, they can then seek recourse via the Financial Services and Pensions Ombudsman (FSPO). The FSPO will take on complaints once the bank's internal complaints process has been exhausted.
Contact details for the FSPO are as follows:
- Address: The Financial Services and Pensions Ombudsman, Lincoln House, Lincoln Place, Dublin 2, D02 VH29.
- Tel: 01-567 7000
- Email: info@fspo.ie
- Website: fspo.ie/
