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

It was the Opposition that highlighted this at the time when the legislation was coming through. To the credit of the Minister for Finance at the time, former Deputy Michael McGrath, he undertook to take on board the Opposition’s concerns. I looked back at the debate in the Official Report. In February 2024, he acknowledged the Deputy had raised this matter in the House the previous week when we were bringing through legislation. The then Minister said it was important, and his commitment, that all consumers have equal access to the Financial Service and Pensions Ombudsman. He was not in any doubt about that. He undertook to consider the matter and postpone Committee Stage until a satisfactory resolution could be identified.

Following consultations with the Attorney General, the previous Government approved this amendment last July. It expands the definition of "financial service provider" in the FSPO Act to include entities engaged in credit servicing before the credit servicing regulatory regime came into force. To confirm, it covers all activity of credit servicing before regulation came into being.

Deputy Doherty referred to the length of time it has taken for cases to be adjudicated through the FSPO. I also have concerns about that. The Minister for Finance sanctioned its work plan for 2024 to 2026. The implementation of this work plan increases the office's resources and the capacity of the FSPO to resolve cases more promptly, with an increase of 42% in staffing. We would hope to see much greater efficiency in dealing with consumers' complaints. We all deal with people who have had their mortgage sold to vulture funds or who have been dealt with inappropriately by financial institutions and credit servicing firms. It is not unique to members of the Opposition. I deal with them in my constituency office, as do Government backbenchers, on a daily basis. It is in all our interests that all consumers have the protection of the Financial Service and Pensions Ombudsman.

This amendment takes on board what was identified initially and will give that protection to everyone who needs it.

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