Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

On the wider issue first, namely, the sequencing of the Bills, I wish to be reassured that it will be a seamless process and that we will not have customers facing one set of terms in relation to accessing the Financial Services Ombudsman for a period of months and then another set of terms when the Government legislation is finally enacted. I know it is a matter for the House to be consistent in how it legislates, but we must ensure that the conditions of access to the Financial Services Ombudsman are consistent. That is very important and that is why it is crucial we tease this out now and reach agreement or vote on it, so that we can dispose of the issue and are then consistent in the treatment of this issue when the Government Bill is being debated.

In his initial remarks, the Minister of State seemed to suggest that home or travel insurance could potentially be regarded as a long-term financial service product. I do not see how that could be the case. They are categorically subject to an annual renewal so I do not quite understand the point he made. It is pretty clear to me what a long-term financial service product is and it includes income protection, payment protection policies, life assurance and life insurance, pensions, long-term investments, mortgages and so on, but it does not include any form of home insurance, car insurance, travel insurance or anything like that. I am not convinced by the Minister of State's argument that omitting the provision on the right to unilateral cancellation brings into the net a much wider set of products that we do not intend to include. I do not get that point so perhaps the Minister of State will elaborate on it.

See this speech in context