Rose Conway Walsh (Sinn Fein) | Oireachtas source

The amendment introduces into the Bill the new definition of a "long-term financial service". This is critical because the six-year rule change we will discuss later applies to what we define here. The amendment matches the definition accepted in the Government Bill, which overlaps, as was said, on some of these issues. It would be in no one's interest to have a rule change under one definition in this Bill that may be changed whenever the Government passes the other Bill at some time in the future. I am confident the balance struck here will allow the vast majority of those excluded by the six-year rule to reapply and get their day in the Financial Services Ombudsman process. We have also applied the change in adding the life assurance definition here as I accept there was a possible loophole here.