Fintan Warfield (Sinn Fein) | Oireachtas source

I welcome the Minister of State to the House and join with other Senators in congratulating him on his appointment to his new position. I wish him all the best. I welcome my comrade and colleague, Deputy Pearse Doherty, to the House.

I also welcome this Bill as the beginning of a change in the relationship between consumers and financial institutions. We must not forget that consumers are involved in this issue. As Senator Boyhan has alluded to, the Oireachtas is nothing without the people. Politics should always face outwards. Consumers are involved in this issue. In every other sector, the rights of consumers are defended. There is no reason banks and financial institutions, many of which were bailed out by hard-working taxpayers, should not face the same rigorous procedures.

The six-year rule and the change to it contained in this Bill are important because it is an urgent issue for many families, especially with the tracker mortgage scandal and the recently-revealed possibility of another wave of payment protection insurance schemes being mis-sold. This Bill will allow many people affected by such issues to have their cases heard by the Financial Services Ombudsman. Sinn Féin and I know of many families waiting for this legislation to be passed in order for them to be able to make a complaint about a bank or insurance provider, have their case heard by the ombudsman, seek redress and be compensated. Sinn Féin has been contacted by many people who have asked and pleaded that the Bill progress quickly. It must be remembered that, especially for mortgage customers, every month that passes without their case being heard is another mortgage payment, more bills and, sadly, for many, a further drift into financial hardship. This is the first Opposition Bill to be passed through all Stages in the Dáil for a significant period of time. The Bill will have an immediate impact for the 3,000 people who have been prevented from having their cases heard and the many more people who simply have not made complaints as a result of the six-year rule. I welcome the support expressed by Senator Kieran O'Donnell, that of the Government, Fine Gael and also Fianna Fáil.