Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

I thank the Minister for the clarification. Let us stick with house insurance because it is renewed annually. Many consumers, for right or wrong, will take out house insurance with a company when they buy the house and usually it will be renewed. They will have set up a direct debit. It is like car insurance. If the letter is ignored, the disc will arrive in the post and the direct debits will be taken from the bank account. The problem is that, after six years of automatic renewal of the home insurance, the person finds out in year seven that there has been an issue in terms of the conditions and that the insurance was mis-sold. The person would not have a right to bring a claim to the Financial Services Ombudsman because it would be deemed a long-term product that is not subject to annual renewal. That is my concern.