Results 10,981-11,000 of 26,493 for speaker:John McGuinness

Written Answers — Department of Arts, Heritage and the Gaeltacht: Maritime Salvage (8 Nov 2016)

John McGuinness: 289. To ask the Minister for Arts, Heritage and the Gaeltacht if she is satisfied that the recent salvage and recovery of artefacts from the RMS Lusitania has been carried out under licence from her Department; if she is further satisfied that the licence conditions are being complied with; and the level of archaeological supervision and input her Department, the National Monuments Service...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

John McGuinness: I thank the Minister and his officials for attending this meeting. I also thank members for their questions.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

John McGuinness: I propose that the committee suspend until 11.30 a.m. Is that agreed? Agreed.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

John McGuinness: We resume consideration of the general scheme of the financial services and pensions ombudsman Bill 2016 and the Central Bank and Financial Services Authority of Ireland (amendment) Bill 2014. In our earlier session, we heard the views of the Minister for Finance on the proposed legislation. The committee will now hear from Mr. Ger Deering, Financial Services Ombudsman, and Mr. Paul Joyce...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

John McGuinness: Before moving to the next set of questions, I ask Mr. Deering to clarify something he stated earlier. At present, can a small business launch a complaint with the Financial Services Ombudsman? Does he ask it anything about its business in terms of turnover? Does it have to be small or less than a certain amount? How is it defined?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

John McGuinness: I want to tease out what happens where a claim has been denied by an insurance company and the reasons given are pretty questionable. Such a complaint goes to the ombudsman, who deals with it one way or the other. This is a concern for small businesses. What Mr. Deering has stated is that if they push the claim, which they believe they are entitled to do and are entitled to payment, they...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

John McGuinness: The other query I have is in terms of transparency. To go back to what we have just been discussing, there are times when claims are denied where, in fact, the insurance company has not offered in its policy a great degree of transparency in terms of why a person might be refused. People make a claim under a section under which they believe they are covered and suddenly the insurance...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

John McGuinness: Have the numbers of these grown arising from the financial collapse, whereby people find after a long period of time, which goes back to the issue of limitations, that what they thought they had purchased is not what they have, and that a financial adviser is involved? How does the ombudsman deal with this?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

John McGuinness: We cannot call it a criminal act, but it is an act where a financial adviser misleads a client knowing that with a purchase the financial adviser will gain on every side of the product, and knowing the client who has purchased it will never be able to find out, or should never find out, should things go well, that the financial adviser is a beneficiary of both sides.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

John McGuinness: If it is not clear-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

John McGuinness: -----and not transparent-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

John McGuinness: Does the limitation apply?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

John McGuinness: Then how does the ombudsman deal with it if the six-year rule applies and-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

John McGuinness: It just facilitates people in the business who knowingly set out, and as far as I can make out it is pretty widespread-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

John McGuinness: Nobody considers this. There is no flexibility to consider how could a client have found out when the very non-transparency of the whole thing facilitates this going on.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

John McGuinness: If the Office of the Financial Services Ombudsman were to receive a complaint outside the six year rule, would the ombudsman consider investigating it to the point where he could find out if it stood? If it was outside the six year rule, fine, he could not touch it. If there was an individual adviser or company involved that was represented by an institute of national significance, would...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

John McGuinness: I want to work out what the process is. Would the ombudsman connect with another national organisation, perhaps one representing financial advisers?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

John McGuinness: Is it conduct that has only been discovered?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

John McGuinness: That is included.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

John McGuinness: That is welcome. I also welcome Mr. Joyce's comment on the limitations. Sometimes it is about how the descriptions are interpreted. The cost of challenging can then be put in front of someone, but I am glad that Mr. Deering takes the attitude that he does.