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

I thank the Senators who are present, and those who attended debates on previous Stages of the Bill, for their contributions to the debate, particularly in recent weeks, and for their very constructive engagement with the legislation.

The Financial Services and Pension Ombudsman is an independent, impartial, fair and free service that helps resolve complaints from consumers, including small businesses, against financial service providers and pension providers. It provides a vital service for consumers of financial services in Ireland. The Bill was originally published on 19 December 2023. It is heartening to see it through the final legislative Stages in the Seanad today, particularly given the key aim of the Bill is to strengthen protections for financial consumers by amending legislation underpinning the FSPO so it can continue to carry out its statutory functions in line with the Constitution.It will significantly improve the consumer protection framework in Ireland and, importantly, it will clarify that customers of financial services providers that have left the Irish market will continue to be able to access the existing services and consumer protections afforded by the FSPO. All mortgage holders will now have access to the FSPO, even if their mortgage loan was a credit servicer that was unregulated before the Acts of 2015 and 2018.

Once again, I thank colleagues here and in the Dáil for their input and careful consideration of the Bill since its introduction. I am happy the Bill has now passed all Stages and will go to Uachtarán na hÉireann to be signed into law.