Robert Troy (Longford-Westmeath, Fianna Fail) | Oireachtas source

I move amendment No. 1:

In page 3, to delete lines 17 to 20 and substitute the following:

“(a) in subsection (1)—

(i) in the definition of “financial service provider”, by the insertion of the following paragraphs after paragraph (g):

“(ga) a person who, before the commencement of the Consumer Protection (Regulation of Credit Servicing Firms) Act 2015, engaged in any of the activities referred to in subparagraphs (i) to (iii) of paragraph (a) of the definition of ‘credit servicing’ in section 28(1) of the Central Bank Act 1997 and does not otherwise fall within paragraph (gb);

(gb) a person who, before the commencement of the Consumer Protection (Regulation of Credit Servicing Firms) Act 2018, engaged in any of the activities referred to in subparagraphs (i) to (iii) of paragraph (a) of the definition of ‘credit servicing’ in section 28(1) of the Central Bank Act 1997 and does not otherwise fall within paragraph (ga);”,

and

(ii) by the insertion of the following definition:

“ ‘Credit Reviewer’ has the meaning given to it by the Guidelines issued under section 210(1) of the National Asset Management Agency Act 2009 (S.I. No. 127 of 2010);”,”.

This amendment amends section 2 of the Bill, which provides for an amendment to the underlying section 2 of the Financial Services and Pensions Ombudsman Act 2017. There are two parts to the amendment. The substantive amendment is to the definition of the financial service provider as set out in the 2017 Act. The definition of "financial service provider" is the list of financial entities in respect of which a complainant may submit a complaint to the Financial Services and Pensions Ombudsman.

The amendment will include any person engaged in the activity of credit servicing before the commencement of the Consumer Protection (Regulation of Credit Servicing Firms) Acts 2015 and 2018, respectively. Currently, the Financial Services and Pensions Ombudsman may only accept a complaint relating to the conduct of a credit servicing firm where the conduct giving rise to the complaint occurred after the commencement of the relevant Act.

This amendment will extend the jurisdiction of the Financial Services and Pensions Ombudsman in respect of the activity of credit servicing. The Financial Services and Pensions Ombudsman will have jurisdiction to review complaints made at any point after a loan sale. This includes complaints before the commencement of either the 2015 Act or the 2018 Act.

As the Deputies will be aware, this issue was raised by Deputy Doherty in particular at the Second Reading of the Bill. This amendment will now address the legitimate concern which was raised and will ensure that all mortgage holders will have access to the Financial Services and Pensions Ombudsman, if needed.

The second part of the amendment is solely a drafting amendment, essentially to specify the statutory instrument number of the reference guidelines in the Bill.

I commend the amendment to the Deputies in the House.

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