Wednesday, 19 June 2019

Ceisteanna (98)

Michael McGrath

Ceist:

98. Deputy Michael McGrath asked the Minister for Finance if credit servicing firms with a transitional authorisation status fall under the Financial Services and Pensions Ombudsman in the same way as a fully regulated entity; and if he will make a statement on the matter. [25649/19]

Amharc ar fhreagra

Freagraí scríofa (Ceist ar Finance)

The Financial Services and Pensions Ombudsman may investigate complaints against "financial service providers”. This includes complaints against a regulated financial service provider within the meaning of section 2(1) of the Central Bank Act 1942.

Under the 1942 Act, "regulated financial service provider" includes "a financial service provider whose business is subject to regulation by the Bank under this Act or under a designated enactment or a designated statutory instrument". Persons who are taken to be authorised pursuant to the transitional provisions provided for in Section 34FA(1) of the Central Bank Act 1997 are considered to be ‘regulated financial service providers’ for the purposes of financial services legislation. Therefore, I can confirm that the Financial Services and Pensions Ombudsman may investigate complaints against the transitionally authorised firms to which the Deputy refers.