Seanad debates

Thursday, 27 June 2013

Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage

 

11:30 am

Photo of Sean BarrettSean Barrett (Independent) | Oireachtas source

I move amendment No. 25:


In page 59, between lines 12 and 13, to insert the following:“(d) the responses of the financial service provider to complaints made under this section.”.
My amendment deals with the ombudsman's report and its content. The section contains excellent material such as the trading name of the financial services provider, the identity of any group that the regulated financial service provider is a member of and the number of complaints found to be substantiated, or partially substantiated, in respect of the regulated financial service provider in the preceding financial year. My amendment merely suggests a reporting addition to improve things and states: "(d) the responses of the financial service provider to complaints made under this section."

I shall return to our discussion on the role of the ombudsman. What did these people do in response to complaints? All of the other information is recorded and I say well done. Should we insert my amendment? What did they say back? Would the provision help to improve consumer confidence and vindicate consumer rights?

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