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

I thank both Senators for their contributions, and Senator Murphy for submitting a particular amendment in this regard. He will be aware that my amendment, which was passed on Committee Stage in Dáil Éireann and extended the jurisdiction of the FSPO with regard to the activity of the credit servicing, was an important and comprehensive amendment that addresses the issue that was previously raised regarding the jurisdiction of the FSPO. I thank Senator Murphy's colleagues, in particular, Deputy Doherty, who was very forceful on this issue. It was a pleasure to work to get this amendment passed because it is critically important the people who had their mortgages sold to these regulated entities have the protection, and not just from now but is actually backdated. That is great peace of mind for the people who have had their mortgages sold on. We are all in unison that those people need to be protected. That is a welcome development.

In terms of the future updates of the FSPO and the legislation, as the Senator is aware, we undertake post-enactment scrutiny for all legislation. This includes the requirement under the Dáil Standing Orders that a post-enactment report is produced and laid in the parliamentary Library 12 months after the enactment of legislation. This 12-month post-enactment period provides a more appropriate timeframe to consider the operation of new legislation, in particular in this case with regard to extending the scope of the FSPO's jurisdiction. The FSPO is also accountable to the Committee of Public Accounts under section 22 of the 2017 Act and to other Oireachtas committees under section 23 of the principal 2017 Act. In recent years, the FSPO has also appeared regularly before the Committee on Public Petitions and before the Ombudsman. In addition, there are a range of parliamentary procedures available through which to seek updates on the FSPO, including parliamentary questions.

Under section 25 of the 2017 FSPO Act, the FSPO publishes a comprehensive annual overview of complaints. Under section 62 of the 2017 Act, it also published decisions with regard to complaints against financial services providers and case studies of decisions with regard to complaints against pension providers, subject to requirements of the Act.

Even with the current timeframe, if a person made a submission to the FSPO today, it would not be heard within the three months. I fully appreciate the sentiments of the amendment. I genuinely feel that three months is far too short. That is why we are not proposing to accept the amendment. I have outlined, however, that there are current procedures in place within the current Dáil procedures, such as parliamentary questions, the various Oireachtas committees and, even in 12 months' time, the publication of a post-enactment analysis. For that reason, therefore, we will not be accepting the amendment.

With regard to financial abuse and-----