Michael D'Arcy (Wexford, Fine Gael) | Oireachtas source

Section 8 provides for the appointment of a financial services and pensions ombudsman and a deputy financial services and pensions ombudsman by the Minister, having consulted with the Minister for Social Protection, following a public competition pursuant to the Public Service Management (Recruitment and Appointments) Act 2004. The term of office will not exceed five years. This is a change from the previous legislation where the Financial Services Ombudsman was appointed by the Financial Services Ombudsman Council under section 57 BJ of the Central Bank Act 1942. The Pensions Ombudsman was appointed by the Minister for Social Protection under section 128 of the Pensions Act 1990. The section also provides for the appointment of an existing financial services and pensions ombudsman. Mr. Ger Deering was appointed to this role in 2016 under the amendment of the Social Welfare Pensions Act pending the passing of this Bill, to be deemed an appointment under this section.

The usual criteria for public appointments are applied to the office. The remuneration, allowances and superannuation of the office will be determined by the Minister with the consent of the Minister for Public Expenditure and Reform. The tenure of the office is five years. Subsection (1) provides that the ombudsman and deputy ombudsman will be appointed by the Minister for Finance in consultation with the Minister for Social Protection from candidates who have been successful in the competition process carried out by the Public Appointments Service. Subsection (2) provides that the Public Appointments Service shall recommend no more than three candidates for any vacancy. Subsection (3) provides that anybody acting in the capacity of Financial Services Ombudsman prior to commencement shall be deemed to have been appointed to that office under this section. Such a person will be subject to the same terms and conditions as applied to them immediately before commencement. Subsection (4) provides that anybody acting in the capacity of deputy Financial Services Ombudsman prior to the commencement shall be deemed to have been appointed to that office under the section. Such a person will be subject to the same terms and conditions as applied to them immediately before the commencement of the section.

Subsection (5) provides that such persons are limited to terms of five years. Subsection (6) provides that the Minister may re-appoint a person as ombudsman or deputy ombudsman whose term expires at the efflux of time. Subsection (7) provides that the terms and conditions of the ombudsman's and deputy ombudsman's term in office shall be determined by the Minister for Finance with the consent of the Minister for Public Expenditure and Reform. Subsection (8) states that the ombudsman and deputy ombudsman shall not hold any other office or employment or any other business without the consent of the Minister.