Dan Boyle (Cork South Central, Green Party)

I regret that also. While I acknowledge that amendment No. 46 takes on some of the substance of amendment No. 45, it leaves out key elements. I ask that the provisions be reconsidered even at this stage. While the review of trends and patterns will be incorporated in the report of the financial services ombudsman, 57BS (1)(a) refers only to a summary of all complaints the ombudsman receives in the proceeding financial year. This involves a philosophical difference between the Minister for Finance and me. It is one we have had on earlier legislation, particularly the Freedom of Information (Amendment) Act 2003.

I tabled amendment No. 45, which has regrettably passed into the ether, on the basis that we had a very good example of where an authoritative commentary by an ombudsman has been made. The Information Commissioner offered a considerably authoritative commentary on the Freedom of Information (Amendment) Bill. If we are serious about financial regulation and consumer confidence in it, we should provide the financial services ombudsman with a similar right to produce an authoritative commentary on trends and activities within the financial services sector. This should include the right to comment on proposed Bills and legislative changes to add to the powers of IFSRA and of his or her office. On those grounds, I regret that the Minister has not travelled fully in the direction I proposed. The Bill will be much weaker as a result.

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