Oireachtas Joint and Select Committees

Thursday, 29 June 2017

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

Financial Services and Pensions Ombudsman Bill 2017: Committee Stage

10:00 am

Photo of Pearse DohertyPearse Doherty (Donegal, Sinn Fein) | Oireachtas source

I have a question regarding section 3 and how this is funded. The pensions complaints are funded by the Exchequer yet the financial services complaints are funded by the industry. My understanding is that the model used to determine how much either of these pays is based on the number of cases which relate to either category. Did the Department consider a different funding model now that there is a merged entity? What we are doing is continuing with two separate entities with two different funding structures and now we have a somewhat convoluted way of funding a single body.

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