Pearse Doherty (Donegal, Sinn Fein)
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I refer to the section on the right to complain to the ombudsman. The new three-year provision will apply to long-term products, yet there is no definition of "long-term product" in the heads of the Bill. There is a definition of a "long-term financial service", which is defined as one that "exceeds 6 years and is not subject to annual renewal". I take it that the product will be the service. Can the Minister clarify whether products will have the same definition as long-term financial services?

Products that exceed six years but are subject to annual renewals would have to be complained about to the Financial Services Ombudsman within six years of being sold. Therefore, is it the case that once they are renewed, the clock starts to tick again in year one? Can the Minister give us examples of products that would not be renewed annually but would exceed six years and for which people therefore would not have the right to appeal to the ombudsman?