Oireachtas Joint and Select Committees

Wednesday, 5 March 2014

Joint Oireachtas Committee on Finance, Public Expenditure and Reform

Bi-annual Review 2013: Financial Services Ombudsman

3:10 pm

Photo of Pearse DohertyPearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

-----which gave the ombudsman the power to name and shame the institutions to the public, I argued strongly that the Office of the Financial Services Ombudsman should be able to issue a report regarding the naming and shaming. That report would give the public information as to what AIB, Bank of Ireland or any other financial institution might be doing. I offered the example of a bank which might have moved its customers from tracker mortgages to variable rate mortgages and the ombudsman upheld three decisions where that was wrong on the part of the institution. I said the ombudsman should be able to say that in the case of AIB, for example, three claims were upheld and should further be able to say that not only was it just mortgages, but it was about tracker rates. The reason is, and there was a lengthy discussion on this in the House, that it informs the public so people can check their documentation to see if they should make a complaint to the ombudsman. The Minister accepted the premise and put forward an amendment, No. 77. He said it was the considered view that there had been a response to Committee Stage proceedings and the need to free up the opportunity for the Financial Services Ombudsman to describe such complaints in his report, and there was no difficulty around that. He went on to say that the amendment-----

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