Dáil Éireann Debate, Tuesday - 18 April 2023
387. Deputy Pádraig O'Sullivan asked the Minister for Finance if he will provide an update on the progress being made to address cancer survivors' rights (details supplied) in order to secure financial services including mortgage protection; and if he will make a statement on the matter. [17186/23]
View answerI am aware of the issue of access to financial services – in particular mortgage protection insurance – for individuals who have recovered from cancer. This is a very sensitive and important matter for many in our community.
Both Minister of State Carroll MacNeill and I have recently met with senior representatives of the insurance industry and pressed the importance of this issue to cancer survivors, and the significance that Government places on the matter. I have also met with the Irish Cancer Society and discussed the issues that cancer survivors encounter and it’s Right-to-be-Forgotten proposal.
As the Deputy may be aware, Insurance Ireland and its members have recently announced a new Code of Practice for Underwriting Mortgage Protection Insurance for Cancer Survivors. This is a significant step in helping to address this issue. It is important to now take the time to fully reflect on this proposal from industry, in order to ensure that it delivers the desired outcomes. Some aspects will need further clarification and development in the period ahead.
Furthermore, access to financial services for cancer survivors is also being considered at EU-level, including through ‘Europe’s Beating Cancer Plan’, which was published in 2021. Following publication of an initial exploratory study in May 2022, EU Health Commissioner Stella Kyriakides has stated that this year the Commission “will start working with businesses to develop a code of conduct, ensuring access to financial services for people who have finished their treatment, after a certain number of years”. It is understood that it is planned the Code of Conduct is to be adopted by 2024.
In addition, the inclusion of a Right-to-be-Forgotten provision is being considered as part of the ongoing EU-level negotiations on the Consumer Credit Directive. The Department of Finance is closely monitoring these developments, while considering any separate measures introduced at the national level do not conflict with a future EU Code of Conduct. Given the complex and sensitive nature of this issue, this represents the best course of action at present.
Finally, as the Deputy may be aware, under existing legislation (Section 126 of the Consumer Credit Act 1995), lenders are permitted to provide a mortgage in situations where a borrower may be unable to obtain life insurance, or where such insurance is unduly costly compared to that payable by borrowers generally. For individuals, including those recovering from cancer, who may experience difficulties acquiring mortgage protection insurance when securing a home loan, this is an important provision to be aware of.
