Kieran O'Donnell (Fine Gael) | Oireachtas source

I understand the import of Senator Horkan's argument. The purpose of the mechanism provided for dispute resolution by the Financial Services Ombudsman is to offer a low-cost service to ordinary consumers who wish to have a matter resolved as quickly as possible. Oral hearings invariably take a long time and can be costly. In routine cases, the ombudsman has the skill sets to examine the discrepancies and make an open and fair decision. Mediation is the key. In many cases, the dealings of financial institutions with the Financial Services Ombudsman are almost pro forma. The institutions are happy to have matters kicked on to the Financial Services Ombudsman. The onus should be placed on them as part of due diligence to seek to resolve matters by way of mediation. While the amendment is well intended, it could have unintended consequences that would work against consumers.