Robert Troy (Longford-Westmeath, Fianna Fail) | Oireachtas source

This amendment would allow regulations to be made that require internal dispute resolution processes to be established by those responsible for the management of the scheme, such as trustees, personal retirement savings accounts providers or, in the case of a public authority scheme, the Minister or Ministers to whom the right of appeal applies.

Section 19 is to correct a typographical error; section 62 of the Act, which refers to “a decision of the Ombudsman under section 61 or 62 in respect of a complaint” rather than to “a decision of the Ombudsman under section 60 or 61 in respect of a complaint”.

Section 20 is a standard provision giving the Title of the Bill and when it will come into effect.

The Financial Services and Pensions Ombudsman (Amendment) Bill will update the 2017 principal Act to take account of the Zalewski ruling by making targeted amendments that provide for public oral hearings when appropriate, clarity around oath-taking and affirmations process in oral hearings, and that mediation shall be conducted in private. This is complemented by a number of other targeted improvements to the wider Act. These measures will strengthen the functions and the robustness of the office of the ombudsman and improve the consumer protection framework for customers of financial services and pension providers, an aim I am sure we all share in this House.

I would also like to mention the issue of a joint account holder progressing a complaint where the consent of all account holders has not been obtained. This was discussed at length on Committee Stage in the Dáil and is progressing. At my request, the Minister for Finance has sent a letter to the Minister for Justice to see how this issue can be explored further, given the broader legal and contractual context at play. Officials in the Department of Finance have also further engaged with the FSPO on this matter. With this in mind, I look forward to engaging with Members on the Bill today and hope it can be sent forward to Committee Stage for further discussion and examination of this important consumer protection legislation.