Oireachtas Joint and Select Committees

Wednesday, 22 March 2017

Committee on Public Petitions

Engagement with Financial Services Ombudsman

1:30 pm

Mr. Ger Deering:

From our point of view, it is a matter not so much of sanctions as of compensation for the individual. The Central Bank may fine people and has done so on certain occasions. That would be a matter for the Central Bank. In our case, the sanction for not implementing the code is that we can award compensation to the individual concerned, which, frankly, in such a situation, is the most important thing to the individual.

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