Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

Gabhaim buíochas leis an Leas-Chathaoirleach agus cuirim fáilte roimh an Aire agus baill den Roinn fosta.

As we know, in March 2014 FLAC, Free Legal Advice Centres, published a report entitled, Redressing the Imbalance. It was a study of legal protections for consumers of credit and other financial services in Ireland. My office engaged with FLAC to produce the Bill based on its report. The Bill was introduced in the Dáil in September 2014. It is appropriate for me to thank FLAC for its engagement with me in the preparation of this legislation. I also thank the Financial Services Ombudsman for his ongoing engagement and that of his officials in discussing matters that arise in dealing with the legislation. I thank Members on all sides who supported the passage of the legislation on Second Stage and all members of the committee who unanimously agreed that the Bill should proceed to Committee Stage because of the sense of urgency attached to its core element, the six-year rule. In October 2016 the Bill was passed on Second Stage. That timeline tells us how long the issue has been ongoing. There are many important issues dealt with in the Bill, but the six-year rule for the making of complaints against financial institutions is the most pressing concern for me and many others.

It was a coincidence, I am told, that on the eve of the Bill being passed on Second Stage the Government published the heads of a Bill. Again, on the eve of the Bill being taken on Committee Stage the Government published its Bill. Having said that, I welcome publication of its Bill. It is very comprehensive legislation that will need scrutiny which we will give it when it reaches Second, Committee and Report Stages. I am glad that some of the core issues I presented in my Bill in 2014 are included in the Government's Bill. We can discuss them as the day passes.

The issue is one of timing. The question we have to ask ourselves is should we proceed with Committee Stage of this Bill or should we allow the Government's Bill to proceed to Second Stage? That question has been discussed and answered by the committee. Given the urgency of the matter and the recognition that there are countless people who cannot access redress and compensation through the Financial Services Ombudsman from their financial providers because of the six-year rule, the committee recommended that we proceed with this legislation and that its measures be incorporated into the Government's more comprehensive legislation which will provide for the merger of two public bodies. I hope that is the way we can proceed today.

I look forward to hearing from colleagues about their concerns. There was valued engagement during the pre-legislative scrutiny stage. I thank the officials of the committee for their work in preparing the report on behalf of the committee that scrutinised my legislation and the heads of the Government-sponsored Financial Services and Pensions Ombudsman Bill.