Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

That is very helpful. I noted after reading the Government's published legislation some of the areas which the Government had included which I have no issue with, and which would give greater clarity. For example, the extra discretion for the ombudsman is something that should be included. The drafting of this would allow for it to be retrospective, but if that needed to be clarified as is in the Government's Bill, then that is not an issue. The issue of the distance passed is one of debates, but it is not something that I would die in the ditch over.

There are two other areas which are probably areas where there are significant differences and where we need to engage to try to find common ground. The method used by the Government in its legislation is the long-term financial product or service. A long-term financial service in the definitions has to not be subject to annual renewal. This is a core or very important issue on which I gave an example in pre-legislative scrutiny, where if somebody, for example, took out home insurance seven or eight years ago and renewed it every year under the definition, that would not be a long-term financial service, and therefore would not come under the subject of the section which deals with the six-year rules. There is an issue there that we can tease out with officials.

The other issue is one I have raised before. I am not convinced at all that "reasonably ought to have become aware" should be included in this. I am very conscious that financial institutions, with their firepower and resources, turn up to the ombudsman with junior and senior counsel for very minor issues. This creates an arguing point for them since it is very hard to define as to when somebody "reasonably ought to have become aware" and it can only work to the benefit of the financial institution. If there was wrongdoing by the financial institution and if that was noted or became known within the six years or three years, then the ombudsman should be able to hear that case and determine that. I have concern about that issue, but I welcome the Minister's suggestion that we sit down and discuss an amendment on that for Report Stage to make sure that the provisions in this section mirror what the Government intends to do in its Financial Services and Pensions Ombudsman Bill 2017.