Kieran O'Donnell (Fine Gael) | Oireachtas source

We hear about the Financial Services Ombudsman, FSO, quite regularly. I feel that much of the information that goes to the ombudsman is incomplete. Putting a more formal structure in place regarding mediation would be helpful. It would put the onus back onto the provider of the financial product to engage in a meaningful manner. Some cases cannot be resolved by mediation, but it may give rise to a situation where the resources of the FSO can be focussed on more difficult cases. It is something that could yield benefit, but it is very much put in to ensure that, under legislation, the service provider, the provider of the financial product, must engage meaningfully in mediation. There has to be an onus on financial service providers to put an emphasis on mediation if it is being investigated by the ombudsman. I welcome this amendment.