Oireachtas Joint and Select Committees

Thursday, 31 May 2018

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

Markets in Financial Instruments Bill 2018: Committee Stage

10:00 am

Photo of Donnchadh Ó LaoghaireDonnchadh Ó Laoghaire (Cork South Central, Sinn Fein) | Oireachtas source

I thank the Minister of State for that response. It is all well and good to say that in certain circumstances the power exists but it is clear that power or discretion is not being exercised. I am sure Deputy Doherty and others can furnish him with examples of cases but there are people who are coming up against this obstacle. There are people who have what are essentially legitimate complaints about products that predate 2002 that have not been able to proceed because of the decisions of the Ombudsman. At the very least, that requires a further examination. If these people have complaints, whatever their merits , the spirit of which come within the meaning of the change in the six-year rules, there is clearly a problem in that regard. I ask that the Minister of State would consider that before Report Stage. I am sure Deputy Doherty can furnish him with examples. We will be returning with amendments to that end on Report Stage.

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