Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I am aware of the reports of the Law Reform Commission on the Statute of Limitations. What I seek from the Minister is an indication of whether he supports some movement in principle on the issue. It can often take much longer than six years for consumers of various financial products to realise that the product is not what they thought it was. I take the example of a self-employed person who purchased a payment protection insurance policy. He or she might find himself or herself out of work after ten or 15 years only to realise on inquiry that the product is of no use and was missold in the first place. The measure proposed in the amendment is a common-sense one. While I accept the Minister will not act this evening, I ask him to give an indication that he supports in principle the introduction of an element of discoverability. It would strengthen consumer rights and enhance consumer protection in the financial services area. It would be a positive step.