Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

This section, which deals with the original legislation, addresses the funding of the FSPO. As we know, it is funded through two sources, namely, a levy and Exchequer funding. The former is an industry levy imposed on financial service providers annually in respect of FSPO activities for the investigation of complaints and the second source is funding provided by the Exchequer through the Department of Finance Vote. The section amends the Act, with which I have no issue, to clarify the methodology underlying how the distribution of expenses across the FSPO to sources of funding would take place. To that end, it is going to replace in the legislation the words "dealt with" with “received by”, which reflects the metric used by the FSPO in practice, so I have no issue with that. It also allows for expenses to be calculated over a three-year period rather than a one-year period, which is fine with me as well. These clarifications in this legislation seem straightforward and I am not opposing them.

I would like to take the opportunity, however, to hear from the Minister of State, or indeed from the Department, about the rationale for not using the levy to cover the costs of the FSPO in its work that deals with pensions, because that does not come from a levy but directly from the Oireachtas Vote. I also note that the existing practice and this amendment focus on complaints received. Over recent years, there has been a concerning decline in the number of complaints substantially or partially upheld.

It is concerning. I have written to the Minister about this issue and the trends that are there need to be analysed and explained. Maybe it is just a case that we are dealing with complaints that are of a certain nature but there is a trend of a decline in the number of complaints that are upheld, substantially or partially.

Will the Minister explain why the work of the FSPO on pensions is not covered by an industry levy?

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