Oireachtas Joint and Select Committees

Thursday, 11 May 2017

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach

Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014 [Private Members]: Committee Stage

9:30 am

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael) | Oireachtas source

Section 6 aims to allow for a greater range of findings on completion of an investigation. Currently, the possible findings are limited to a finding that the complaint was substantiated, not substantiated or partially substantiated. The Bill allows for findings of upheld, substantially upheld, substantially rejected or rejected. The Government Bill goes further and proposes that decisions will be published, which is more transparent even though the names would be redacted. Transparency and better reporting are the objective of the Bill and I support the intention behind this provision. Any change to the determination categories would need to operate harmoniously with the name and shame provision, in order to be effective in increasing transparency. As currently drafted it could operate to limit the name and shame provisions, and I am aware that is not the Deputy's intention.

Other steps have been taken in the Government Bill published yesterday to improve transparency in reporting, including the introduction of preliminary determinations, more detail and publication of determinations for financial services complaints, and more transparent information in the annual report on all investigations, including those terminated and settled. If this section proceeds to the next stage I wish to put the committee on notice that I may bring forward amendments covering the issues mentioned, and other technical drafting changes, on Report Stage. We have a common interest and a common purpose to make the findings at adjudication level more transparent and to enable the provision of additional information to the public at large as well to both sides in the complaints procedure. The Bill published by the Government goes further and is more refined in the options given. I wish to amend this section to import many of the provisions in the new legislation published yesterday into this Bill. Again, it is a matter which the Deputy is amenable to consider. We can have a preliminary discussion at official level before the draft Report Stage amendments are provided to the committee, if that is agreeable to the Deputy.

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