Dáil debates

Thursday, 13 June 2013

Central Bank (Supervision and Enforcement) Bill 2011: Report and Final Stages

 

12:10 pm

Photo of Pearse DohertyPearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

I am aware of paragraphs (i) and (ii) to which the Minister of State referred. However, they do not state clearly that there will be identification of the nature of the complaint. They deal with the sub-categorisation of the regulated financial service provider. To obtain clarity, I will give an example. If a financial institution had a dozen claims made against it that were substantiated by the Ombudsman and, say, the claims were that it wrongly moved its customers from tracker mortgages to variable rate mortgages, using the powers of the Central Bank, the powers provided under this legislation or existing powers, would the report include not only the name of the institution, the parent company and the number of claims made but inform other consumers of the nature of the complaints made, that the ombudsman had upheld 12 complaints made against the institution that it was wrongly moving tracker mortgage consumers to variable rate mortgages?

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