Results 2,101-2,120 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: That is correct. Each year that an annualised contract comes out to someone, it starts when they take it out. Car insurance is the best example. If the customer renews it on a particular date, say 23 May 2017, if they had the same insurance with the same company over the last nine years, that it is not a nine year contract, it is a one year contract starting on the date of renewal. That...

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 issue with that.

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. 2:In page 9, line 7, to delete “service;” and substitute the following: “service, or (d) an employee or a former employee entitled to benefit from an income continuance plan;”.

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. 3:In page 10, between lines 27 and 28, to insert the following: “ “income continuance plan” means an insurance contract taken out by an employer (whether or not in conjunction with employees) designed to pay an income to an employee on the occurrence of certain events specified in the contract that render the employee unable to continue to perform...

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. 4:In page 10, to delete lines 30 to 34 and substitute the following: “ “long-term financial service” means— (a) subject to paragraph (b), a financial service the duration of which is a fixed term of 5 years and one month, or more, but, notwithstanding that the aggregate term of them may be 5 years and one month (or more), there does not fall...

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 3 provides that the expenses incurred by the Minister for Finance in relation to the Act shall be funded by the Exchequer as sanctioned by the Minister for Public Expenditure and Reform. The expenses incurred by the Minister for Finance in respect of the Act shall be funded by the Exchequer as sanctioned by the Minister for Public Expenditure and Reform. Expenses incurred by 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: My concern is that the more it is funded by the industry, the more likely it is the cost will be passed on to the consumer. Everything we are doing in the legislation is intended to protect the consumer from increased premia.

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 Minister may make regulations for the purpose of the Act to increase the efficiency of the operation of the FSO and to allow for appropriate redress and compensation to be provided by the him or her to complainants. The Minister may also make the regulations at the request of the ombudsman. Some of the instances which the regulation may cover are set out in section 4(2). For instance,...

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...