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

Under this legislation, the new office will not be able to seek external advice or appoint any consultant without the express permission of the Minister and changing that will require a change in the law. The reference in the Minister of State's answer to Deputy Michael McGrath's comment about being outside expenditure limits is interesting but that is not what we are doing here. Will the Minister of State talk me through the hybrid funding model for this new office? It is self-funded to an extent in respect of financial complaints. If the case is a financial case to the Financial Services Ombudsman, FSO, how much of that is from the industry and how much from the Exchequer?

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