Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

First of all, the proposal in the heads of the Bill is to merge two different ombudsmen. There is already a time limit in the pensions legislation, which has generally operated well since 1996. There is experience of the operation of the provision in respect of the Pensions Ombudsman.

On the Deputy's question on the definition of a long-term financial service, I understand it means a financial service within the meaning of the Central Bank Act 1942, as amended, the term of which exceeds six years, is not subject to annual renewal and is sold to a consumer by a regulated financial service provider. We will carry that definition from the 1942 Act forward into this Bill.