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

I thank the Cathaoirleach Gníomhach and all of the Senators for their contributions. The vital role of the FSPO for consumers of financial services in Ireland was highlighted just today because it launched its annual overview of complaints for 2024. In total, €5.7 million was delivered in outcomes to consumers in 2024. The FSPO received 6,185 complaints in 2024, maintaining the historic high level of complaints received in 2023. That was a 30% increase in complaints received on 2023. It is for that reason the Minister for Finance sanctioned the FSPO's work plan for 2024-26 at the end of 2023, increasing the staff numbers from 90 to 128, or by 42%. It is important in order that when people wish to avail of an office such as this, the matter can be dealt with in a timely and efficient manner. As Senators McDowell and Nelson Murray said, it is critical that the urgency of the case be met with the urgency of the response.

Anybody who listened to the ombudsman being interviewed on the radio earlier will have heard that financial institutions and pension providers should be doing more to reduce the need for people having to seek redress through these offices. An educational aspect needs to happen. The ombudsman said he has been working with financial institutions and that some have improved in recent years. There has been a notable decrease in the volumes of complaints coming from certain quarters but, unfortunately, with others we have seen an increase, one of which relates to the insurance industry. We know how hard the insurance industry fought on the business interruption case, an issue on which I was very vocal at the time. I will meet the Alliance for Insurance Reform later today and, as a Government, we will be bringing forward a new action plan on insurance reform to build on the reforms of the past year. I am certainly happy to engage with the Senators at any stage in that regard.

To respond to Senator O'Reilly, the only downside of being appointed as a Minister of State is that I will no longer serve on the Council of Europe with him. His company was always enjoyable but apart from that, he does a lot of good work out there representing Ireland on a very important body. I am not sure whether he will return as a member of it during this term but if he is, I wish him luck. He made a number of points, one of which related to access to cash. He will be aware the Government has commenced the access to cash Bill, which mandates that there must be an ATM within a certain geographical location and distance to ensure that people who like to operate with what is legal tender can be facilitated to do so. There are certain hospitality businesses in my home village where, if you do not have cash, you can go thirsty, which is a matter of fact. Even so, there are places that have tried to shoehorn in the tap and contactless system and that is not fair. It disproportionately affects people in lower socioeconomic groups, vulnerable people, people with disabilities and older persons and that is why it is important the access to cash Bill pass all Stages and become legislation, as will be the case.

The Credit Review Office is different from the FSPO because its only remit is to adjudicate on a commercial decision, such as whether someone's business can afford to repay a loan. It relates only to commercial decisions, unlike this legislation.

The consumer protection code, which was published this week by the Central Bank of Ireland, is intended to ensure people are aware of how they should be dealt with by financial institutions. That, again, greatly enhances and improves the consumer experience.

Senator McCormack referred to financial entities commonly known as vulture funds. The Bill brings those entities under the remit of the FSPO, whereas previous to this, some were excluded because of the date on which they were transferred from the financial institution to the regulated entities. Now, no matter what date on which they were transferred, if these regulated entities are failing in how they are operating with their customer, the customer will be able to bring this to the FSPO, which is welcome.

Another point about regulated entities is one the chairperson of the Competition and Consumer Protection Commission, CCPC, made at the launch of the consumer protection code at the Central Bank on Monday. The number of people who are failing to avail of and take a mortgage switch is mind-boggling. Almost €1 billion of savings is being left on the table where people are failing to make a mortgage switch. This is something the CCPC needs to address by way of a publicity campaign to make people aware they can switch. I accept that for some people who have had their mortgages switched to regulated entities, it is because they fell into arrears and perhaps were not able to make a switch. Therefore, they are brought under the remit of the FSPO so that they can be dealt with in a fair and proportionate manner.

Senator Flynn is not present but I am sure she is listening in from her office. I am open to meeting to see if there are any amendments that can improve this Bill.That is why this is Second Stage. It is an opportunity for people to make contributions and subsequently submit amendments. If the Senator is talking about amendments specifically for people where there are two parties to the account and it requires the two parties' signatures to refer the complaint to the Financial Services and Pensions Ombudsman, this was highlighted during the discourse in the Dáil. We are advised, from a contractual perspective, that we are not able to facilitate making the complaint with just one party's signature. I accept it is a particular bone of contention where there is domestic abuse or coercive control in financial matters. That is why we wrote to my colleague, the Minister for Justice, and to the FSPO to see if there is a mechanism so that, in extreme circumstances, issues can be dealt with. How much time do I have left?