Ms Gráinne McEvoy:

The complaints criteria, as set out in the consumer protection code, would, in the first instance, require the consumer to engage directly with the firm. That is an important point. Consumers must raise and express their concern with the firm. If that matter is not resolved to the satisfaction of the consumer, there are other supports in the wider national framework for protecting consumers. They would then be advised and well guided, if the firm has not addressed their complaints, to refer onwards to the Financial Services and Pensions Ombudsman, FSPO.

We are the regulator of all financial services activities in Ireland and our approach to protecting consumers is on a system-wide basis, so we look at things in aggregate. That does not mean that if consumers have complaints, they cannot also refer them to the Central Bank, but the best course of action, in the first instance, is to approach the firm and then the FSPO. If we receive it, we will examine the complaint and whether there is a trend or behavioural issue within the firm. We may not always respond to the individual consumer.