Michael Creed (Cork North West, Fine Gael)
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I thank the director for his clarification. I wish to comment on an area that I have touched on previously with the Central Bank, namely, the complexity of financial products being sold now and the different legal framework that exists for insurance-based products as opposed to financial products. In recent times a group of well-informed and well-advised purchasers of a particular financial product sold by ACC Bank were in a position to beat the clock regarding the Statute of Limitations when pursuing the bank for mis-selling of a financial product. A substantial number of other investors were not so lucky and are statute barred from pursing the bank. At present, financial products may not fall under the remit of existing insurance-based legislation. Is there a need to change the law from applying the Statute of Limitations to financial products in order to protect consumers?