The FSPO is the statutory body established to resolve complaints from consumers, including small businesses and other organisations, against financial service providers and pension providers. The FSPO offers an independent, fair, impartial, confidential and free service to resolve complaints through either informal mediation, leading to a potential settlement agreed between parties, or formal investigation and adjudication, leading to a legally binding decision. The functions of the FSPO are set out in the Financial Services and Pensions Ombudsman Act 2017.
Where a complaint is made to the FSPO concerning a joint account or a joint policy, the FSPO must recognise that all parties who own that account or policy have rights, entitlements and potential liabilities arising in relation to such an account or policy. In addition, certain data protection issues arise.
Whether the complaint is settled by way of agreement between the parties, using the confidential Dispute Resolution Service of the FSPO, or is the subject of a formal investigation by the FSPO, leading to a legally binding decision, the rights and obligations of all joint account holders or joint policyholders are thereby affected.
All owners of the account or policy must therefore be agreeable to the investigation of the complaint by the FSPO, and the processing of their personal data by the FSPO. Therefore, the signature of each joint owner of the policy or account is required, as evidence of their consent.
The FSPO fully recognises the difficulty for complainants who are unwilling or unable to obtain the agreement of another party to the investigation of a complaint. It is acknowledged that agreements break down and that complainants may find themselves in difficult circumstances.
Where a complainant indicates a difficulty in securing the signature of another party to an account or policy, the FSPO reviews the individual circumstances to form an understanding as to the reason for the difficulty, and where possible, offers guidance as appropriate, as to what options may be available.
The FSPO understands that in such circumstances, a decision by it not to progress a complaint without the consent of all owners of the account or policy, will be disappointing, however, the FSPO must respect the rights and entitlements of all parties to an account or policy.
The FSPO cannot give preference to the position of one account or policyholder, over the other joint owner/s.
Instances of suspected or alleged fraud should be reported to the complainant's local Garda station as it is a criminal matter, and complainants should engage with their financial service provider as early as possible to allow them to investigate the issue and try to rectify the matter.
It should be noted that the Financial Services and Pensions Ombudsman (FSPO) cannot investigate instances of fraud, as this is a matter for An Garda Síochána. However, the FSPO can investigate a complaint which relates to service failings of the financial service provider in dealing with a customer who suspects fraud on their account.
