Louise O'Reilly
Ceist:111. Deputy Louise O'Reilly asked the Minister for Finance if officials in his Department have examined a report (details supplied); and if he will make a statement on the matter. [13659/18]
Amharc ar fhreagraTuesday, 27 March 2018
Ceisteanna (111)
Freagraí scríofa
The Central Bank of Ireland is responsible for the regulation of the financial services sector. In November 2016, Royal Bank of Scotland (RBS) announced a complaints process for SME customers in Ulster Bank’s GRG and indicated publically that “a customer is in-scope for the new complaints process if they were a small or medium sized enterprise under the control of GRG in the United Kingdom or Republic of Ireland between 1 January 2008 and 31 December 2013”.
In line with its risk-based supervisory approach, the Central Bank has been and continues to monitor all relevant issues as they arise from a system perspective. The Central Bank will continue to monitor this matter and is overseeing complaints received for any issues arising particularly in the context of SME Regulations compliance. The protection of SME customers is a priority for the Central Bank. The Central Bank’s SME Regulations provides key protections to SME customers including those on handling complaints and managing arrears and financial difficulties.
The Central Bank also continues to engage with the UK Financial Conduct Authority on this matter. I am confident that the Central Bank will act as appropriate on this matter and that it possesses the necessary tools to do so if required.