Oireachtas Joint and Select Committees

Thursday, 27 October 2016

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion

9:30 am

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

I know Mr. Deering was in the Public Gallery when I put this question to the Minister. House or car insurance, for example, with automatic renewal would not be deemed a long-term product. However, if I was sold it seven years ago, did not do anything and the premium continued to be deducted from my bank account, I would be excluded from making a complaint. I refer to making a claim seven years later only to find out the original policy I bought, which was renewed every year, was something completely different from what I thought I was sold. Does Mr. Deering think there is a requirement to reconsider the definition of long-term products?

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