Dáil Éireann Debate, Thursday - 13 July 2023
293. Deputy Louise O'Reilly asked the Minister for Finance if he is aware of supports available for people making a complaint about a financial product or service; and if he will make a statement on the matter. [35048/23]
View answerThe Financial Services and Pensions Ombudsman (FSPO) was established in January 2018. It's role to resolve complaints from consumers, including small businesses and other organisations, against financial service providers and pension providers.
The FSPO provides an independent, fair, impartial, confidential and free service to resolve complaints through either informal mediation, leading to a potential settlement agreed between the parties, or formal investigation and adjudication, leading to a legally binding decision.
When any consumer, whether an individual, a small business or an organisation, is unable to resolve a complaint with a financial service provider or a pension provider, they can refer their complaint to the FSPO. When complaints are received to the FSPO, they are dealt with informally at first, by listening to both parties and engaging with them to facilitate a resolution that is acceptable to both parties.
Where these early interventions do not resolve the dispute, the FSPO formally investigates the complaint and issues a decision that is legally binding on both parties, subject only to a statutory appeal to the High Court.
The Ombudsman has wide-ranging powers to deal with complaints against financial service providers about a financial product or service. The Ombudsman can direct a provider to rectify the conduct that is the subject of the complaint. There is no limit to the value of the rectification that can be directed. The Ombudsman can also direct a provider to pay compensation to a complainant of up to €500,000.
In addition, the Ombudsman can publish anonymised decisions and can also publish the names of any financial service provider that has had at least three complaints against it upheld, substantially upheld, or partially upheld in a year.
In terms of dealing with complaints against pension providers the Ombudsman’s powers are more limited. Specifically, while the Ombudsman can direct rectification, the legislation governing the FSPO sets out that such rectification shall not exceed any actual loss of benefit under the pension scheme concerned. Furthermore, the Ombudsman cannot direct a pension provider to pay compensation.
Further information, including animated videos on how to make a complaint to a provider or to the FSPO is available on the FSPO website at www.fspo.ie. Where a prospective complainant, or their nominated third party representative, have accessibility requirements or practical needs in making a complaint, the FSPO has an appointed Access Officer who is available to provide support by email at access@fspo.ie or by phoning 01 5677000.
