Ruairi Quinn (Dublin South East, Labour)
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Question 295: To ask the Minister for Finance if he will reconsider his decision not to extend the six year limit for lodging complaints with the financial regulator regarding the failure of endowment mortgages to meet the obligations outstanding in relation to the sum of money borrowed with the commencement of the mortgage; if the financial regulator will make available the survey of the market which has been undertaken to ascertain the number of policies which are in the position of not being able to pay off mortgages; if persons will be invited who have concerns regarding the under performance of their endowment mortgage to register same with the financial regulator and the financial institution; and if he will make a statement on the matter. [31383/05]

Brian Cowen (Laois-Offaly, Fianna Fail)
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The Deputy may wish to note that my Department has been informed by the financial regulator that the financial regulator has conducted a survey of the endowment mortgage market with a view to ascertaining the likely number of policies that may experience a shortfall on maturity. It is understood that the main findings of the survey will be made available to my Department and the Joint Oireachtas Committee on Finance and the Public Service shortly.

As the Deputy is aware, the financial regulator's consumer director has encouraged people to come forward if they are concerned about the possibility of having been mis-sold an endowment mortgage. The financial regulator has emphasised the importance of bringing complaints, in the first instance, to the financial institution from which the policy was purchased to seek to resolve the matter.

As I stated in my reply to the Deputy on 28 September last, there are no plans at present to amend the Central Bank and Financial Services Authority of Ireland Act 2004, with regard to the time limit for making complaints to the Financial Services Ombudsman. The retrospection limit of six years was put in place following careful examination in the context of the consideration of the 2004 Act. It is consistent with best practice standards, including the approach adopted for the Pensions Ombudsman Scheme.