Joe O'Brien (Dublin Fingal, Green Party) | Oireachtas source

I thank Deputy Durkan for the opportunity to speak to the House on this issue. All regulated entities, including banks, other regulated mortgage lenders, loan owners and services are required, as a matter of law, to follow the statutory Central Bank codes of conduct, including the code of conduct on mortgage arrears and the consumer protection codes. These codes are not voluntary and there can be no question of the regulated owners not following them. Failure to do so can result in the Central Bank using its range of powers to ensure adherence to the codes, including employing its administrative sanctions procedures or legal action, where appropriate. If the Deputy has information to indicate that a regulated firm is not complying with the Central Bank’s consumer protection framework, I ask that he submit it to the Central Bank, which is the independent regulator of these financial institutions.

In addition to the protections available to consumers under financial legislation and regulatory framework, a consumer also has recourse to the Financial Services and Pensions Ombudsman, FSPO. If a consumer is not satisfied with how a regulated firm is dealing with him or her in the handling of his or her mortgage or believes the regulated firm is not following the requirements of the Central Bank’s codes and regulations or other financial services law, he or she should make a complaint directly to the regulated firm. If the consumer is still not satisfied with the response from the regulated firm, he or she can refer the complaint to the FSPO, which is the independent statutory office provided for in law to adjudicate on complaints a consumer has with a regulated financial services provider.

I also encourage any person who is experiencing a repayment difficulty, or who has any other genuine concern regarding a mortgage, to contact, in the first instance, his or her mortgage creditor to discuss the matter. It is also essential that, in turn, these Central Bank regulated entities, irrespective of whether it is a bank, retail credit or credit servicing firm, constructively engage with their borrowers to address any legitimate concern raised and to act fairly in the interest of their customers. That is what they are required to do under the Central Bank consumer protection framework and it is the minimum standard Central Bank-regulated firms are expected to comply with.

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