Willie Penrose (Longford-Westmeath, Labour)
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Question 165: To ask the Minister for Finance the details of the Financial Services Ombudsman; the remit of the said ombudsman in dealing with complaints from consumers in relation to whole of life insurance policies which were taken out appropriately 25 years ago; and if he will make a statement on the matter. [43830/08]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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The Financial Services Ombudsman (FSO) is a statutory body that deals independently with complaints from consumers about their individual dealings with financial service providers that have not been resolved by the providers after they have been through the internal complaints resolution systems of the providers. All personal customers, limited companies with a turnover of €3m or less, unincorporated bodies, charities, clubs, partnerships, trusts etc. can complain to the Ombudsman in relation to financial services providers, including providers of whole of life insurance policies, that fall under the remit of the FSO. It is a free service to the complainant, compensation up to €250,000 can be awarded and decisions are binding subject to appeal to the High Court.

The Financial Services Ombudsman began work on 1 April 2005 and is governed by the provisions of the Central Bank and Financial Services Authority of Ireland Act 2004. This Act provides that the Ombudsman cannot deal with complaints if the conduct complained occurred more than six years before the complaint is made.

The Deputy may wish to see the FSO Annual Report 2007 in which the Ombudsman refers specifically to whole of life insurance policies. The report is available on the FSO website www.financialombudsman.ie.