Michael D'Arcy (Wexford, Fine Gael) | Oireachtas source

We are doing our best to improve matters for consumers. If the amendment is accepted and the legislation changed, financial services providers could also be entitled to call an oral hearing. If both parties are entitled to call an oral hearing, it could lead to a major increase in the number of oral hearings. The number of cases in which the voluntary mediation process has been used has increased from 1% to 60%. The system has improved significantly and is working reasonably well. I am concerned that the amendment could have unintended consequences.

The Financial Services Ombudsman believes the proposed change would be an error. We are all doing our best to implement good legislation to further protect consumers but I cannot support the amendment because it could have an unintended consequence that would seriously impact on the Bill.