Mr. Ger Deering:

We welcome the consensus that the six-year rule needs to be extended. Everybody is in agreement on that.

On the specific provision, I understand it has not been used, which does not mean it is not beneficial.

I am not aware that it has been required. One of the risks with discretionary legislation is that it can become a focus as to how the Financial Services Ombudsman would exercise his jurisdiction. We should look to get the six-year rule more generally extended in both instances.

Pensions are generally long-term products, which means they are covered by the extension in general. To have that same discretionary provision for short-term products that are renewed regularly may not be necessary. However, it is a provision that exists and we would be happy to see it remain. Getting the six years extended for the long-term products is the key thing. The people who are disadvantaged at the moment are those who, for example, bought a life insurance policy and do not realise they have a difficulty until they come to claim.