Consumers can make a complaint against a “financial service provider", as defined in section 2 of the Financial Services and Pensions Ombudsman Act, 2017, as amended (the “2017 Act”). This definition includes a “regulated financial service provider” within the meaning of section 2(1) of the Central Bank Act 1942, as amended.
The functions and powers of the Ombudsman are prescribed by the 2017 Act.
Where a complaint is made against a provider who was not a “regulated financial service provider at the time the conduct complained of is said to have occurred, the FSPO does not have jurisdiction to investigate the conduct which is the subject matter of the complaint against that provider.
If a complaint is made concerning conduct on dates when a provider was unregulated but also conduct on dates after it became regulated the FSPO has jurisdiction to investigate the conduct which is said to have occurred on dates after the date the financial service provider became regulated.