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

I am not overly concerned about which direction we go in because both are retained in effect. If we delete the section, the Central Bank has the power to issue the code. Whether it is codified or not, the Central Bank still has the legal authority to do so. Frankly, I am easy with it being deleted or not.

What we want to try to do with this is make sure that the first port of call is the Ombudsman. By doing so, the redress cannot go beyond the Financial Services and Pensions Ombudsman's core legislation.