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

We are all aware and very cognisant of the difficult issues involving financial abuse and coercive control. In many cases, the courts, not the FSPO, are the best place to deal with any situation in which one holder of a joint account is in dispute with the other. The role of the FSPO is to resolve complaints between the consumers and financial services or pension providers. The FSPO can make orders against regulated financial services providers but not against third parties or other consumers. Instances of potential criminal behaviour, for example, including coercive control, are a matter for An Garda Síochána.

Last week, I attended the launch of the Central Bank's revised consumer protection code. One of the enhancements to the revised code, which I was pleased to see, were the new measures on financial abuse, including the definition of financial abuse. The introduction of the definition of financial abuse within the code is an important step forward in ensuring consumers of regulated financial services have the necessary protection against financial abuse. These measures are part of an important wider financial consumer protection framework, which may help to address at an earlier stage some of the issues the Senators have referenced today and, indeed, on Second Stage relating to consumers who are in vulnerable circumstances as a result of financial abuse, coercive control or in vulnerable circumstances as joint account holders.