Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

From a consumer point of view, this is the centrepiece of the Bill. There has been a political consensus for some time that the six year rule needs to change. I broadly welcome the definition that has been brought forward. I understand Deputy Doherty's point. It is nuanced but important. My instinctive reaction is that a product that is subject to an annual renewal is not a long-term financial product. For instance, if one took out their house insurance policy in 2010, and one is still with the same firm in 2016 and renews it again, if an issue arises over that policy in the calendar year 2016, then the baseline for invoking the complaints procedure kicks in from 2016 if it relates to an issue in 2016 and the policy the person renewed for 2016. The Minister of State might give an assurance that the Department has raised that issue, having considered it, taken a view on the matter and raised it with the appropriate bodies. My instinct is that if it is subject to annual review, that it is not a long-term product. I welcome that the Government has removed the revocation clause whereby a product could be revoked, that it would not then qualify as a long-term product. I raised that issue on Second Stage. I am glad that it has been removed. Having the six year rule amended, particularly in respect of long-term products, and bringing in the three year provision for when someone knew or ought to have known, is the big win in the legislation. It is important that we get the finer details right but I am satisfied with the definition.