Results 2,081-2,100 of 6,295 for speaker:Michael D'Arcy

Seanad: Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Committee Stage (5 Jul 2017)

Michael D'Arcy: To clarify the matter for the House, this is a duplicate amendment. As both amendments are similar, it is the Minister's amendment that is moved.

Seanad: Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Committee Stage (5 Jul 2017)

Michael D'Arcy: This is the biggest change to both this Bill and the Government Bill. It lies in the extension of time to complain about long-term financial services so it is essential that a solid and accurate definition is formulated. Section 5 of this Private Members' Bill, as passed by the Dáil, reflects a similar position in the Government's Bill which extends the time limits for complaints...

Seanad: Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Committee Stage (5 Jul 2017)

Michael D'Arcy: All of the amendments in this group are minor drafting technical amendments. The amendments aim to remove superfluous wording in sections 4, 5, 7 and 8 on the advice of the Parliamentary Counsel. The Sinn Fein Senators' amendment No. 15, on section 8 of the Bill, concerns the time period for appeal to the High Court against a decision of the ombudsman. I thank the Senators for changing the...

Seanad: Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Committee Stage (5 Jul 2017)

Michael D'Arcy: Yes, I am happy with amendment No. 15.

Seanad: Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Committee Stage (5 Jul 2017)

Michael D'Arcy: With the agreement of the Seanad, I will discuss amendment No. 3, together with amendments Nos, 4, 5, 8, 10, 12 and 16. All the amendments in this group concern the categories of decisions that the ombudsman may make regarding a complaint received. These amendments aim to update the existing legislation with new categories of decisions that the ombudsman can make. The intention behind this...

Seanad: Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Committee Stage (5 Jul 2017)

Michael D'Arcy: I understand that there was good discussion about the merits of mediation on the various Stages of this Bill and the Government’s Bill. Certainly we had a good conversation on Committee Stage of the Government's Bill last week. Mediation is a facilitative voluntary process in which the parties to a dispute, with the assistance of a mediator, attempt to reach a mutually acceptable...

Seanad: Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Committee Stage (5 Jul 2017)

Michael D'Arcy: As far as I am aware, the intention of the amendment is to oblige the council to review the compensation ceiling by which the ombudsman must abide and, in particular, report on instances where a complainant experienced a greater loss than the maximum compensation payable. The proposed amendment might be based on a misunderstanding. The existing legislation provides for a number of redress...

Seanad: Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Committee Stage (5 Jul 2017)

Michael D'Arcy: I will take on board what Senator Horkan said. We will review the amendment and consider the matter again. I cannot say we will take it. Some of it is covered already. However, we will review the matter. Everybody is being very facilitative of this legislation.

Seanad: Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Committee Stage (5 Jul 2017)

Michael D'Arcy: I wish to flag to the House that I may return to section 8 on Report Stage to address a technical drafting error. As drafted, section 8 refers to a decision of the Financial Services Ombudsman whereas the correct term is "finding". This is the term used throughout the Central Bank Act 1942, the principal Act.

Seanad: Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Committee Stage (5 Jul 2017)

Michael D'Arcy: I note Senator Horkan’s amendment, which seeks to introduce a new section to Deputy Pearse Doherty’s Bill to oblige the Financial Services Ombudsman to hold an oral hearing where there is a discrepancy in the account of events between the parties and the complainant has requested such a hearing. As the Senators may be aware, as part of the ombudsman's procedures for resolving...

Seanad: Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Committee Stage (5 Jul 2017)

Michael D'Arcy: We are doing our best to improve matters for consumers. If the amendment is accepted and the legislation changed, financial services providers could also be entitled to call an oral hearing. If both parties are entitled to call an oral hearing, it could lead to a major increase in the number of oral hearings. The number of cases in which the voluntary mediation process has been used has...

Seanad: Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Committee Stage (5 Jul 2017)

Michael D'Arcy: I thank everybody involved, including Deputy Pearse Doherty and the various Senators. The legislation is working its way through the Houses of the Oireachtas in tandem with a Government Bill and as we all get another bite at it, we improve it on each occasion. There are occasions when we do not agree but, in the spirit of compromise, we want to get the best legislation possible. I thank...

Topical Issue Debate: Insurance Costs (4 Jul 2017)

Michael D'Arcy: I did that earlier. I telephoned two of the marts in the area closest to me. The cost for one of the largest marts in the country is approximately €12,500 and its owner said its premium had not increased. I anticipated the question would be about why premiums had increased. The owner said its premium had not increased because he had not had a claim for 12 years. That is the...

Topical Issue Debate: Insurance Costs (4 Jul 2017)

Michael D'Arcy: I am well aware of Donegal's farming background, which is one of the most mixed and varied in the country. Given Donegal's size in an area where there are challenges, we must do what we can about them. I have been advised by Insurance Ireland that livestock marts have significant exposure to injuries to employees and members of the public. This has resulted in claims occurring with a level...

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 thank the Chairman. A number of amendments are being moved today. We hope and expect to have another look at some, not all, of these on Report Stage. If we have the flexibility from the committee it would be very helpful. I also wish to outline to the committee the situation with Deputy Doherty's Bill, which is quite similar to this Bill and which is currently moving through the...

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 intention.

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. 1:In page 9, line 6, to delete "or". Amendment No. 2 makes an addition which deletes the word "service" and replaces it with the words "an actual or potential beneficiary of an income continuance plan". An income continuance plan is permanent health insurance which was not included in the section. The purpose of the amendment is to ensure income continuance plans 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: The section primarily covers two definitions, namely, those of an "income continuance plan" and a "long-term financial service". Amendment No. 2 makes an addition to the definition of the word "consumer" to include employees or former employees who benefit from an income continuance plan. After part (c) of the definition of consumer in page 9, the amendment proposes to add "(d) an actual or...

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 there has been no meeting of minds on this point, it may be helpful to the Deputy to read my briefing note. The definition of the term "long-term financial service" has been considered in great detail during the passage of this Bill and Deputy Pearse Doherty's Private Members' Bill through the Houses. As the time limit is one of the biggest changes for consumers in the Bill, it was...

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: Deputy McGrath has clearly outlined his interpretation of when the clock would start in relation to the long-term service. On the question of whether it adds up each year to be a long-term service or not, the Government's interpretation is that it does not. An annualised service is an annualised service and it starts when one takes out a policy, as Deputy McGrath outlined. As the Deputy...