Oireachtas Joint and Select Committees
Wednesday, 22 March 2017
Committee on Public Petitions
Engagement with Financial Services Ombudsman
1:30 pm
Denise Mitchell (Dublin Bay North, Sinn Fein) | Oireachtas source
I thank the witnesses for attending Their presentation gives an outline of the current powers and functions that the ombudsman's office has. I want to ask a few brief questions. My colleagues have referred to many matters.
Do the witnesses feel that the ombudsman's office needs any further powers to increase consumer protection? Is there any other regulatory body that they look at where they can see that? I welcome that they hope to publish the complaints procedures and the complaints received. I ask the witnesses to give an outline of the timeline of when complaints come in, how long it takes, and if they have any updated figures on how many complaints were received and how many were successful. The witnesses mentioned compensation. How frequently is compensation given and what amount are we looking at? Will the amalgamation of the two services have any effect on consumers? Would the ombudsman seek the strengthening of any powers following the amalgamation? My colleagues mentioned the banks. Are any banks resisting engagement with the ombudsman?
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