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 will leave section 3 for the moment and will return later to the informal manner. Section 4 of my proposed legislation considers the timeframe. Section 5 covers mediation and the requirement of financial providers - in this case it would be pension providers - to give the reason why they would not involve mediation. I do not want to repeat myself, but again, we recognise there is a marked and substantial increase in mediation and that is to be welcomed. While the Office of the Financial Services Ombudsman's efforts are to be acknowledged in that area there is no guarantee that the increased engagement in mediation will continue into the future. As Mr. Deering has acknowledged, the previously low rates of mediation were down to particular institutions not engaging and they may go back to that scenario. What is Mr. Deering's view of the proposal that while it is not forcing them to mediation it is actually asking them to justify why they are refusing to go into mediation?

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