Results 10,281-10,300 of 26,493 for speaker:John McGuinness

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Financial Services Ombudsman's Bureau - Strategic Plan 2017 and Tracker Mortgage Issues: Discussion (2 Mar 2017)

John McGuinness: A second matter happens to involve Ulster Bank again. I do not intend to go into the detail of it. Let us suppose Ulster Bank has sold on a debt to a vulture fund and the debt includes a family home, the associated mortgage of which was not in arrears and did not have issues. Let us assume the client had no input in terms of the transaction between Ulster Bank and Cerberus. What rights go...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Financial Services Ombudsman's Bureau - Strategic Plan 2017 and Tracker Mortgage Issues: Discussion (2 Mar 2017)

John McGuinness: Yes.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Financial Services Ombudsman's Bureau - Strategic Plan 2017 and Tracker Mortgage Issues: Discussion (2 Mar 2017)

John McGuinness: Therefore, there is much work that the Financial Services Ombudsman can do on behalf of a client who brings such a complaint to the bureau. Is that the case?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Financial Services Ombudsman's Bureau - Strategic Plan 2017 and Tracker Mortgage Issues: Discussion (2 Mar 2017)

John McGuinness: Has the Financial Services Ombudsman received any complaints linked to Global Restructuring Group Ireland?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Financial Services Ombudsman's Bureau - Strategic Plan 2017 and Tracker Mortgage Issues: Discussion (2 Mar 2017)

John McGuinness: Has the ombudsman received any? Does the bureau deal with complaints relating to that group?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Financial Services Ombudsman's Bureau - Strategic Plan 2017 and Tracker Mortgage Issues: Discussion (2 Mar 2017)

John McGuinness: The reason I say that is because representatives from Ulster Bank appeared before the committee and we discussed Global Restructuring Group Ireland. It is not an individual case, there are quite a few involved. It has been claimed that good debt, with bad, was thrown into a vulture fund without anybody being told about it, in the absence of prior discussions and with very little lead-in...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Financial Services Ombudsman's Bureau - Strategic Plan 2017 and Tracker Mortgage Issues: Discussion (2 Mar 2017)

John McGuinness: -----and people can feel confident that this is confidential between the Financial Services Ombudsman, the bank and the party concerned?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Financial Services Ombudsman's Bureau - Strategic Plan 2017 and Tracker Mortgage Issues: Discussion (2 Mar 2017)

John McGuinness: They are entitled.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Financial Services Ombudsman's Bureau - Strategic Plan 2017 and Tracker Mortgage Issues: Discussion (2 Mar 2017)

John McGuinness: Should that €3 million threshold be changed?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Financial Services Ombudsman's Bureau - Strategic Plan 2017 and Tracker Mortgage Issues: Discussion (2 Mar 2017)

John McGuinness: I seek clarity on insurance. The Financial Services Ombudsman takes in the various complaints received in respect of insurance companies. How does that role differ from the Central Bank's consumer protection role?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Financial Services Ombudsman's Bureau - Strategic Plan 2017 and Tracker Mortgage Issues: Discussion (2 Mar 2017)

John McGuinness: Can Mr. Deering tell me about insurance, particularly flood insurance? Where a client receives a quote and is given a premium, he or she cannot accept because the premium has to be paid upfront in circumstances where the insurance company does not arrange payment over a period of nine or 12 months. What does the Financial Services Ombudsman do about that?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Financial Services Ombudsman's Bureau - Strategic Plan 2017 and Tracker Mortgage Issues: Discussion (2 Mar 2017)

John McGuinness: It is the payment method as well. People cannot afford to pay. Some of the premiums are colossal. There have been steep increases year on year.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Financial Services Ombudsman's Bureau - Strategic Plan 2017 and Tracker Mortgage Issues: Discussion (2 Mar 2017)

John McGuinness: Is there nothing that the Financial Services Ombudsman can do to force an insurance company to accept payment for a premium on the basis of direct debit over a period of nine or 12 months?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Financial Services Ombudsman's Bureau - Strategic Plan 2017 and Tracker Mortgage Issues: Discussion (2 Mar 2017)

John McGuinness: What would make the companies stretch that far?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Financial Services Ombudsman's Bureau - Strategic Plan 2017 and Tracker Mortgage Issues: Discussion (2 Mar 2017)

John McGuinness: Without doubt, there are cartel-like activities going on in the insurance sector. If competition in the market is not introduced in terms of premiums being accepted over a longer period and without an upfront payment, it will for ever be the same.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Financial Services Ombudsman's Bureau - Strategic Plan 2017 and Tracker Mortgage Issues: Discussion (2 Mar 2017)

John McGuinness: Where a consumer is taking out an insurance policy and paying the premium, there is not that much difference in the amount involved year on year. I accept that increases are evident but the customer will have been with the company for a while. If there is a change in the policy - regardless of how big or how small - is the insurance company obliged to tell the customer? I have received a...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Financial Services Ombudsman's Bureau - Strategic Plan 2017 and Tracker Mortgage Issues: Discussion (2 Mar 2017)

John McGuinness: Can the Financial Services Ombudsman make them do that and to explain what is involved in layman's language so that the customer does not become lost in the course of the explanation?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Financial Services Ombudsman's Bureau - Strategic Plan 2017 and Tracker Mortgage Issues: Discussion (2 Mar 2017)

John McGuinness: If the Financial Services Ombudsman makes a finding against the insurance company, is it obliged to take that finding and apply it, not only to the client but to everyone?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Financial Services Ombudsman's Bureau - Strategic Plan 2017 and Tracker Mortgage Issues: Discussion (2 Mar 2017)

John McGuinness: I understand that.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Financial Services Ombudsman's Bureau - Strategic Plan 2017 and Tracker Mortgage Issues: Discussion (2 Mar 2017)

John McGuinness: I have one other question regarding the banks. The banks administer European funding to small businesses at a special rate. When an application for that type of funding is refused, it is referred back to another State agency for its view on the reasons it was refused. Where that State agency indicates that the small business should get that loan but the bank continues to refuse, is that an...