Results 14,741-14,760 of 26,053 for speaker:Kieran O'Donnell

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

Kieran O'Donnell: I want to touch on a few of the practicalities. On arrears, the biggest issue concerned endowment policies. It is, effectively, a legacy issue at this stage. Has the Financial Services Ombudsman conducted many investigations into such policies?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

Kieran O'Donnell: Does the fact that people have continued to make contributions not make it fall within the ambit of the six year rule?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

Kieran O'Donnell: What recourse does a person have if he or she has an issue with an endowment policy, apart from through the courts?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

Kieran O'Donnell: How would they be covered? If a case involving an endowment power was referred to the Office of the Financial Services Ombudsman, how would it be interpreted?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

Kieran O'Donnell: My second point is-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

Kieran O'Donnell: From personal observation, I was in practice as an accountant when endowment mortgages were very much of the time. I remember them as a product of the late 1980s to the early or mid-1990s. Endowment mortgages were sold to people on the basis that they could have it both ways. They could pay their mortgage but also receive a kickback when the endowment mortgage matured and at the end have a...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

Kieran O'Donnell: Yes.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

Kieran O'Donnell: One has to be careful. It could be alleged that a couple or single person who sought a mortgage from a financial institution but were on the edge of being approved and were told by an institution that it would be a good option to take the endowment mortgage route. I would dare to call that instructive encouragement because that is what happened in reality.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

Kieran O'Donnell: The issue of vulture funds crops up a lot. Has Mr. Deering had many complaints from people who have had their loans or mortgages taken over by so-called vulture funds and who have suffered interest rate hikes?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

Kieran O'Donnell: Has the FSO given a conclusion in those cases?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

Kieran O'Donnell: What was the result of the deliberations?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

Kieran O'Donnell: Has the FSO ruled in favour of the complainant?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

Kieran O'Donnell: My next question is twofold. Has the FSO a limit of €3 million?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

Kieran O'Donnell: Have many non-individuals lodged a complaint or is it mainly individuals?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

Kieran O'Donnell: What about small businesses?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

Kieran O'Donnell: That leads me to the point made by Mr. Joyce. FLAC would prefer a twin-track approach with one track to deal with SMEs and the other track to deal with a person or persons. Was that not included in the FLAC submission?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

Kieran O'Donnell: Does Mr. Deering think that is a valid suggestion?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

Kieran O'Donnell: We find many constituents use the service, which is very good. I compliment both organisations on the work they do. How long does it typically take for a case to be heard?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

Kieran O'Donnell: If the amalgamation takes place, are adequate resources in place? We get the impression from contacting the office that many inspectors are very overworked and under a lot of pressure. They are dealing with very vulnerable people. In many cases, FLAC is a measure of last resort. I ask Mr. Deering to expand on that.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

Kieran O'Donnell: What would the target to reduce the time taken to adjudicate cases be?