Financial Services

Dáil Éireann Debate, Tuesday - 26 September 2023

Tuesday, 26 September 2023

Questions (176)

Robert Troy

Question:

176. Deputy Robert Troy asked the Minister for Finance if he will clarify who is responsible for ensuring that the changes introduced by section 51(2) of the Financial Services and Pensions Ombudsman Act 2017, extending the statute of limitations beyond six years, are implemented in the manner anticipated by the Houses of the Oireachtas when making those changes; and who is charged with ensuring that the EU Community Principle of Effectiveness is being met by Ireland and that consumers are not precluded from rights granted to them under European law. [41300/23]

Written answers

Minister for Finance

In 2017, the Government merged the offices of the Financial Services Ombudsman Bureau and the Office of the Pensions Ombudsman, to form the Financial Services and Pensions Ombudsman. The Financial Services and Pensions Ombudsman Act 2017 established the Office of the Financial Services and Pensions Ombudsman, and the FSPO became operational from 1 January 2018.

The Financial Services and Pensions Ombudsman is accountable to the Public Accounts Committee under Section 22 of the Act, and to other Oireachtas Committees under Section 23 of the FSPO Act. In recent years, the FSPO has appeared regularly before the Committee on Public Petitions and the Ombudsmen.

One of the functions of the FSPO Council under Section 40 of the FSPO Act 2017 is to keep under review the efficiency and effectiveness of the Ombudsman and to advise myself as Minister, either at my request or on its own initiative, on any matter relevant to the performance of the functions of the Ombudsman.

While I have no role in the investigation of complaints brought to the FSPO under the Financial Services and Pensions Ombudsman Act 2017, I note that there is a Service Level, Oversight and Performance Delivery Agreement in place between the Department of Finance and the Office of the Financial Services and Pensions Ombudsman.

This is in accordance with the Code of Practice for the Governance of State Bodies (2016) and sets out the arrangements for oversight, monitoring and reporting. It also sets out the FSPO’s commitments regarding the operational roles, responsibilities, outputs and outcomes.

The jurisdiction of the FSPO is set out in the FSPO Act and the FSPO may only investigate complaints that come within its jurisdiction. These jurisdictional assessments are a matter for the Ombudsman, who subject to the FSPO Act, is independent in the performance of his or her functions.

The principle of effective judicial protection is a general principle of Community law and the decisions of the Ombudsman in this regard are, of course, subject to Judicial Review in the Courts.