Michael D Higgins (Galway West, Labour)
Link to this: Individually | In context

Question 99: To ask the Minister for Finance his views on the 23% rise in complaints against the insurance sector and credit institutions to the Financial Services Ombudsman in 2005. [7892/06]

Brian Cowen (Laois-Offaly, Fianna Fail)
Link to this: Individually | In context

The Deputy may wish to note that the statutory Financial Services Ombudsman scheme, in place since April 2005, provides a wider coverage in terms of financial services than did its predecessor voluntary schemes. This is reflected in a higher level of complaints. Furthermore, increased awareness of the Financial Services Ombudsman and the reputation and increased effectiveness of a statutory scheme inevitably has the effect of encouraging consumers to avail of the scheme. The fact that people are choosing to use the Ombudsman service demonstrates that the system is working as intended in providing a mechanism within which complaints against financial institutions can be investigated and resolved.