11 Samh 2014, 17:37
The Oireachtas Joint Committee on Public Service Oversight and Petitions will meet tomorrow with the Financial Services Ombudsman Bill Prasifka to consider the role and remit of his office. The meeting forms part of a series that the Committee is having with the various Ombudsman Offices responsible for different aspects of public oversight.
11 November 2014
Chairman of the Committee Pádraig Mac Lochlainn TD says: “Tomorrow we will have an opportunity to consider the work of the Office of the Financial Ombudsman with Mr Prasifka. The Financial Services Ombudsman (FSO) is a statutory officer who deals independently with unresolved complaints from consumers about their individual dealings with all financial service providers. The role and function of the Financial Services Ombudsman (FSO) is governed by the legislation that established light touch financial regulation and while, post the financial crisis, that 2003 architecture had been changed in relation to the Central Bank and the Financial Regulator, the role and function of FSO has not been updated to reflect the changed environment.
“Committee Members look forward to hearing from Mr Prasifka on the role and remit of his Office, as well as particular trends in the caseload. The 2013 Annual Report indicates a significant decrease in the number of complaints made against financial institutions, with the lowest number of complaints made to his office since 2007. There was also a 35 percent decrease in complaints being made in the second half of 2013, compared to the first six months of the year. While this downward trend may, in part, be due to the impact of new procedures introduced during the year, Members are concerned that this decline may be due more to the fact that the FSO is operating under an outdated framework. So we will wish to explore whether enhanced legislation might be required to ensure the Office is fit for purpose.\"
“ Other issues we may focus on are how complaints are being handling by the banking sector; the nature and types of complaints received by the Ombudsman; the settlement process; and compensation and resolution for complainants. The meeting will also explore the synergies that may exist between the Office and our Committee, and how we might work together to enhance parliamentary oversight in the area. It is envisaged that the Committee will publish a Report on this series of hearings with oversight bodies in the coming months. ”
The meeting takes place tomorrow Wednesday 12 November in Committee Room 3, LH 2000 at 4 pm. Public proceedings can be viewed online here.
Committee proceedings can also be viewed on the move, through the Houses of the Oireachtas Smartphone App, available for Apple and Android devices.
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Committee Membership
Deputies:
Richard Boyd-Barrett, Independent
Noel Harrington, Fine Gael
Michael Healy-Rae, Independent
Seamus Kirk, Fianna Fáil
Michael P. Kitt, Fianna Fáil
Pádraig MacLochlainn (Chairman), Sinn Fein
Helen McEntee, Fine Gael
Michelle Mulherin, Fine Gael
Derek Nolan (Vice-Chair), Labour
Patrick O'Donovan, Fine Gael
Aengus Ó Snodaigh, Sinn Féin
Sean Kenny, Labour
John Halligan, Independent
Jack Wall, Labour
Senators:
Trevor Ó Clochartaigh, Sinn Féin
Jimmy Harte, Labour
Tony Mulcahy, Fine Gael
Susan O’Keeffe, Labour
Ned O'Sullivan, Fianna Fáil