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
Mr. Ger Deering:
The legislation gives me broader powers with two elements. One is compensation and the other is rectification. I can award compensation but, as I mentioned, the rectification can be to put the policy back in place or to admit the claim. The best way to put it is that rectification tries to put the customers back to where they were before the event happened. This is one of the possibilities of rectification.
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