Results 15,781-15,800 of 15,876 for speaker:Robert Troy

Financial Services and Pensions Ombudsman (Amendment) Bill 2023: Committee and Remaining Stages (5 Mar 2025)

Robert Troy: It will not remove any right; it just clarifies what the right is. The Credit Review Office, as the Deputy knows, was established for people who had a grievance or felt their credit application was not dealt with appropriately by way of a commercial decision on their ability to repay a financial loan. The measure clarifies the difference between the review office and the FSPO but is not...

Financial Services and Pensions Ombudsman (Amendment) Bill 2023: Committee and Remaining Stages (5 Mar 2025)

Robert Troy: I understand it was raised during pre-legislative scrutiny that clarity was needed. The amendment is to give rise to that clarity.

Financial Services and Pensions Ombudsman (Amendment) Bill 2023: Committee and Remaining Stages (5 Mar 2025)

Robert Troy: To clarify, it is exactly that.

Financial Services and Pensions Ombudsman (Amendment) Bill 2023: Committee and Remaining Stages (5 Mar 2025)

Robert Troy: Currently, there is no statutory obligation on pension providers to have internal dispute resolution processes in place. This measure will make it a statutory requirement.

Financial Services and Pensions Ombudsman (Amendment) Bill 2023: Committee and Remaining Stages (5 Mar 2025)

Robert Troy: I move amendment No. 6: In page 7, between lines 20 and 21, to insert the following: “19. Section 62 of the Principal Act is amended— (a) in subsection (1), by the substitution of “section 60 or 61” for “section 61 or 62”, (b) by the substitution of the following subsection for subsection (2): “(2) Subject to subsection (2A), the...

Financial Services and Pensions Ombudsman (Amendment) Bill 2023: Committee and Remaining Stages (5 Mar 2025)

Robert Troy: Yes.

Financial Services and Pensions Ombudsman (Amendment) Bill 2023: Committee and Remaining Stages (5 Mar 2025)

Robert Troy: My clear understanding is that, as the law stands, the only person who can opt to have the hearing in public is the person bringing the complaint. Therefore, it is not the FSPO who makes the decision to have the hearing in public. By virtue of the fact that the complainant is willing to have the hearing in public, he or she is giving implied permission to be known. If he or she wanted to...

Financial Services and Pensions Ombudsman (Amendment) Bill 2023: Committee and Remaining Stages (5 Mar 2025)

Robert Troy: To confirm again, it is only where the hearing has been in public. The matter that will be published has already been heard in public. No new information is being published. The only person who can decide if they are willing to have the hearing in public is the person who is bringing the complaint. If someone is willing to have their complaint heard in public, they will not have an issue...

Financial Services and Pensions Ombudsman (Amendment) Bill 2023: Committee and Remaining Stages (5 Mar 2025)

Robert Troy: That is my understanding, yes.

Financial Services and Pensions Ombudsman (Amendment) Bill 2023: Committee and Remaining Stages (5 Mar 2025)

Robert Troy: The hearing would have been held in public anyway. It would be known.

Financial Services and Pensions Ombudsman (Amendment) Bill 2023: Committee and Remaining Stages (5 Mar 2025)

Robert Troy: The FSPO publishes an overview of complaints every year, as the Deputy will be aware. Where there are numerous complaints against a particular financial institution, it is named. It is at the discretion of the FSPO. The Deputy is right. If the complaint is heard in private, it is not guaranteed that the name of the financial institution will be published. However, if there are continuous...

Ceisteanna ó Cheannairí - Leaders' Questions (6 Mar 2025)

Robert Troy: Under pressure.

Seanad: Financial Services and Pensions Ombudsman (Amendment) Bill 2023: Second Stage (26 Mar 2025)

Robert Troy: I thank the Acting Chairperson. I welcome the opportunity to engage with Members on the Bill. The Bill will strengthen protections for financial customers in Ireland and ensure that the office of the Financial Services and Pensions Ombudsman, FSPO, can continue to carry out its statutory functions in line with the Constitution. Many will have heard the ombudsman, Mr. Liam Sloyan, on...

Seanad: Financial Services and Pensions Ombudsman (Amendment) Bill 2023: Second Stage (26 Mar 2025)

Robert Troy: This amendment would allow regulations to be made that require internal dispute resolution processes to be established by those responsible for the management of the scheme, such as trustees, personal retirement savings accounts providers or, in the case of a public authority scheme, the Minister or Ministers to whom the right of appeal applies. Section 19 is to correct a typographical...

Seanad: Financial Services and Pensions Ombudsman (Amendment) Bill 2023: Second Stage (26 Mar 2025)

Robert Troy: I am sorry.

Seanad: Financial Services and Pensions Ombudsman (Amendment) Bill 2023: Second Stage (26 Mar 2025)

Robert Troy: I thank the Cathaoirleach Gníomhach and all of the Senators for their contributions. The vital role of the FSPO for consumers of financial services in Ireland was highlighted just today because it launched its annual overview of complaints for 2024. In total, €5.7 million was delivered in outcomes to consumers in 2024. The FSPO received 6,185 complaints in 2024, maintaining the...

Seanad: Financial Services and Pensions Ombudsman (Amendment) Bill 2023: Second Stage (26 Mar 2025)

Robert Troy: On Senator McDowell's query about the presumption of private hearings versus public, section 12 of the Financial Services and Pensions Ombudsman Act outlines various ways the ombudsman may conduct an investigation, including a formal investigation with oral hearings, if required. Section 56(4) of the Financial Services and Pensions Ombudsman Act provides that investigations "are conducted...

Seanad: Financial Services and Pensions Ombudsman (Amendment) Bill 2023: Second Stage (26 Mar 2025)

Robert Troy: It is a very good point. I should have highlighted it. I was unaware of that. I will take the point back and see if we can amend it.

Seanad: Financial Services and Pensions Ombudsman (Amendment) Bill 2023: Second Stage (26 Mar 2025)

Robert Troy: We are talking about making sure the body is efficient and can deal with existing complaints in a timely manner.

Seanad: Financial Services and Pensions Ombudsman (Amendment) Bill 2023: Second Stage (26 Mar 2025)

Robert Troy: If we broaden the number of complaints that go into it, that may be counterproductive and may discommode disproportionately smaller business of under €3 million. I will not make a commitment other than to say we will look at in a positive light if possible.