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

Section 12 clarifies the respective remit of the financial services ombudsman and the credit reviewer. There is another similar amendment to section 14 of the Bill; that section also corrects a typographical error. The credit reviewer makes a recommendation regarding a participating bank's lending decision as a result of which the participating bank may decide to approve the loan. The FSPO's jurisdiction does not overlap because the FSPO does not interfere with the commercial discretion of a financial service provider regarding its decisions to advance credit, or the conditions under which the loan facilities are offered, including interest rates or repayment period.

It is important to note that the credit reviewer reviews cases for SMEs, sole traders and farm enterprises, where the FSPO also investigates complaints by individual consumers. Nevertheless, a consumer, including a small business, may make a complaint to the FSPO regarding the conduct of the bank in how it assessed the loan application or regarding the treatment of a customer during the application process. The FSPO has jurisdiction to investigate whether the bank's conduct during the period was contrary to law or was unjust, unreasonable, oppressive or otherwise improper. The updated wording will foolproof the provisions of the legislation to prevent an overlap in the respective roles of the FSPO and the credit reviewer.

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