Eoghan Murphy (Dublin Bay South, Fine Gael) | Oireachtas source

I acknowledge the important work of Deputy Pearse Doherty on this Bill and the work that Deputies Doherty and Michael McGrath, and the Minister, Deputy Noonan, did on Committee Stage. It is very important work and it is important that we have reached Report Stage. It is also important for us to distinguish between long-term and short-term financial services. In looking at long-term financial services, we must extend the time limits for recourse for customers who find a wrong done against them and they can then report that to the ombudsman. That is an important aspect in this Bill. The Government believes that Deputy Doherty's amendment is too wide-ranging because it essentially captures what are short-term financial services, which could have a negative impact on the price of these financial services that are renewed on an annual basis.

I accept what Deputy McGrath said about the phrase "not subject to... a right to unilateral cancellation by either party". This was intended to cover the situation with income protection policies. We intended to count income protection policies as long-term financial services. Those policies contain a standard clause that prevents a financial service provider from cancelling such a policy unilaterally. However, it has come to my attention more recently that the Office of the Attorney General may need to look at this again in advance of the Bill being taken in the Seanad to ensure that the current wording is not open an unintended interpretation.

Deputy McGrath asked what will happen when the Government's Bill is enacted. Essentially, it will repeal that part of the Central Bank Act. If, for example, Deputy Doherty's Bill is enacted for a period of three months, it will fall away and the Government's Bill will become the legislation, but any cases that are taken in that three-month period will be taken based on the legislation as enacted, that is Deputy Doherty's Bill. The Government's intention was to try to have its Bill enacted before Deputy Doherty's. However, as it is more wide-ranging and comprehensive, that may not be the case. As I think the Minister, Deputy Noonan, may have explained on Committee Stage, we proceed now with Deputy Doherty's Bill. If that comes on to the Statute Book before the Government's Bill, that will be the law until the Government's Bill then replaces it.

It is the Government's intention to press amendment No. 1.

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