Oireachtas Joint and Select Committees
Thursday, 29 June 2017
Select Committee on Finance, Public Expenditure and Reform, and Taoiseach
Financial Services and Pensions Ombudsman Bill 2017: Committee Stage
10:00 am
Pearse Doherty (Donegal, Sinn Fein)
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I have a question regarding section 3 and how this is funded. The pensions complaints are funded by the Exchequer yet the financial services complaints are funded by the industry. My understanding is that the model used to determine how much either of these pays is based on the number of cases which relate to either category. Did the Department consider a different funding model now that there is a merged entity? What we are doing is continuing with two separate entities with two different funding structures and now we have a somewhat convoluted way of funding a single body.