Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

The point I was making is that none of that work the bank has done in terms of looking at the policy wording is available to the shop owner, the hairdresser or the publican in trying to assess if the Central Bank views his or her claim as being in scope. The Central Bank has done this work privately with the insurance companies. That work is to be welcomed. I recognise there has been a shift since the Central Bank stepped onto the pitch. The FCA has published and has gone through the courts. The Financial Services and Pensions Ombudsman has published its findings, which informs business persons of whether they have a valid claim. I acknowledge the witnesses have recognised this, but we are in the middle of a pandemic that is causing great difficulties for businesses in terms of the continual restrictions on opening and closing. Many businesses wonder if they will be open in 2022. It is very difficult for a business to have to make an interruption claim against an insurance firm in a situation where the Central Bank has not pointed to the policy wording that is in scope. The Central Bank needs to step up in that regard.

I also ask that the witnesses come back to me on the issue of the insurance contracts and when the Central Bank proposes to bring forward the code of practice. One of the provisions of the aforementioned legislation, which is crucial in business interruption, is that the terms of a contract, if ambiguous, have to favour the consumer over the insurance industry. That is one of the issues the Central Bank is pressing. That is important legislation, but there is a specific role there such that the Central Bank can assist consumers in their dealings with the Financial Services and Pensions Ombudsman and the courts but, to date, the Central Bank has not done that.