Results 4,161-4,180 of 6,295 for speaker:Michael D'Arcy

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Financial Services and Pensions Ombudsman Bill 2017: Committee Stage (29 Jun 2017)

Michael D'Arcy: Under the original legislation, section 57 BF of the Central Bank Act, the council had regulation making powers. The powers will be transferred from the council to the Minister under the Bill. There are various rationales for such a change. It is believed that it is more appropriate for law making powers to be held by a Minister who is accountable to the public. Furthermore, the size of...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Financial Services and Pensions Ombudsman Bill 2017: Committee Stage (29 Jun 2017)

Michael D'Arcy: I am unable to answer whether there has been friction between the Minister and the council in the past. I do not want to comment, therefore, when I do not know. The objective is that the legislation will be beneficial to the consumer. The council is unelected whereas the Minister is proposed by the Taoiseach and voted on by the Dáil. I would like to think that Ministers would act in...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Financial Services and Pensions Ombudsman Bill 2017: Committee Stage (29 Jun 2017)

Michael D'Arcy: As the Deputy will be well aware as he has been shadowing the finance brief for four or five years, there is an incredible crossover in the financial products that are available and because of this and the methods by which people are investing those products in pensions, the belief is that if a single person was in charge of both financial services and pensions, the office would have a...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Financial Services and Pensions Ombudsman Bill 2017: Committee Stage (29 Jun 2017)

Michael D'Arcy: The intention of the legislation and the merger of the offices is not to merge two agencies into one and make it worse. The objective is to improve the service and to improve the opportunity for consumers. With the financial products that are in place now there have been examples of consumers being locked out and not getting the opportunity to pursue a case for redress. That is why we are...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Financial Services and Pensions Ombudsman Bill 2017: Committee Stage (29 Jun 2017)

Michael D'Arcy: When we conclude the passing of the legislation through the Houses the expectation is that we will consult with the Attorney General immediately.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Financial Services and Pensions Ombudsman Bill 2017: Committee Stage (29 Jun 2017)

Michael D'Arcy: There are 37 staff in the Financial Services Ombudsman Bureau and six in the Office of the Pensions Ombudsman. In terms of the what, when, where and how of the merger, I do not have that information. However, on Report Stage I will get the information on the thought process and the extent to which it is advanced.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Financial Services and Pensions Ombudsman Bill 2017: Committee Stage (29 Jun 2017)

Michael D'Arcy: There is no intention of putting in place an inferior service. We are trying the improve the circumstances in which consumers will have the benefit of the protection of the State and the legislation. Section 35 provides for the transfer of staff from the dissolved bodies of the Financial Services Ombudsman Bureau and the Office of the Pensions Ombudsman into the newly-established office....

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Financial Services and Pensions Ombudsman Bill 2017: Committee Stage (29 Jun 2017)

Michael D'Arcy: Section 8 provides for the appointment of a financial services and pensions ombudsman and a deputy financial services and pensions ombudsman by the Minister, having consulted with the Minister for Social Protection, following a public competition pursuant to the Public Service Management (Recruitment and Appointments) Act 2004. The term of office will not exceed five years. This is a change...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Financial Services and Pensions Ombudsman Bill 2017: Committee Stage (29 Jun 2017)

Michael D'Arcy: We will be considering introducing an amendment on Report Stage in respect of section 14.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Financial Services and Pensions Ombudsman Bill 2017: Committee Stage (29 Jun 2017)

Michael D'Arcy: There is no power grab. I assume the Deputy's rationale for the amendment, as he outlined, relates to the efficient functioning of the ombudsman's office. His concern may be that the function of the office may be impacted upon by the requirement to obtain ministerial approval before engaging consultants and advisers. However, that is not the case. It is important to note that because...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Financial Services and Pensions Ombudsman Bill 2017: Committee Stage (29 Jun 2017)

Michael D'Arcy: To answer Deputy Pearse Doherty's point in respect of the HSE, it is allowed appoint within delegated sanction limits. If, however, it goes above a delegated sanction limit, ministerial approval is required. I am unable to answer Deputy Michael McGrath's specific question on voted expenditure but I will try to get the answer for him before Report Stage.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Financial Services and Pensions Ombudsman Bill 2017: Committee Stage (29 Jun 2017)

Michael D'Arcy: Before Deputy Pearse Doherty continues, it is important to note that I hope and expect officials will work in a co-operative manner with the ombudsman's office to bring clarity on how the provisions will operate in practice when the legislation is enacted. I do not know whether there will be a voted amount but I am sure that can be figured out as we go along. There will be some things to...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Financial Services and Pensions Ombudsman Bill 2017: Committee Stage (29 Jun 2017)

Michael D'Arcy: I do not have the answer. I will need a minute to check that out.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Financial Services and Pensions Ombudsman Bill 2017: Committee Stage (29 Jun 2017)

Michael D'Arcy: I would assume and anticipate that within the budget for the SFO, there would be delegated sanction limits similar to those in the Health Service Executive, HSE. If it stays within those limits, the ombudsman would not require ministerial consent. If it goes beyond that, the section would then apply. The expenses incurred by the ombudsman are to be apportioned between the financial...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Financial Services and Pensions Ombudsman Bill 2017: Committee Stage (29 Jun 2017)

Michael D'Arcy: Yes.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Financial Services and Pensions Ombudsman Bill 2017: Committee Stage (29 Jun 2017)

Michael D'Arcy: Yes it is solely from the industry.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Financial Services and Pensions Ombudsman Bill 2017: Committee Stage (29 Jun 2017)

Michael D'Arcy: The FSO is currently funded by the industry but the Pensions Service Ombudsman is funded by the State. We do not have the option to subdivide expenditure. As a result this section applies. What the Deputy says would be correct if there was not going to be a delegated sanction similar to that of other agencies. If the body is within the delegated sanction, it will not require ministerial...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Financial Services and Pensions Ombudsman Bill 2017: Committee Stage (29 Jun 2017)

Michael D'Arcy: That is the case.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Financial Services and Pensions Ombudsman Bill 2017: Committee Stage (29 Jun 2017)

Michael D'Arcy: I intend to table an amendment to this section on Report Stage.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Financial Services and Pensions Ombudsman Bill 2017: Committee Stage (29 Jun 2017)

Michael D'Arcy: I move amendment No. 6:In page 26, line 23, to delete “substantiated or partly substantiated” and substitute “upheld or substantially upheld”. Amendments Nos. 6 to 11, inclusive, 16, 18, 19 and 20 all relate to updating the categories of decisions. The intention behind this group of amendments is amending the Government Bill to align it with the Sinn Féin...