Willie Penrose (Longford-Westmeath, Labour)
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Question 132: To ask the Minister for Finance if the insurance ombudsman is restricted, in complaints about life assurance policies and other such similar products which a consumer has taken out, to a six-year period and that the ombudsman is not permitted to go back beyond that period, despite the fact that these contracts are of a continuing nature and when it might be appropriate to investigate the original aspect of the policy and more particularly the terms and conditions upon which the purchaser of such a policy was induced to enter same; and if he will make a statement on the matter. [8816/09]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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I presume the Deputy's question refers to the Financial Services Ombudsman (FSO) who is a statutory officer who 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 Financial Services Ombudsman. 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 Act, 1942 (as amended). This Act provides that the Financial Services Ombudsman cannot deal with complaints if the conduct complained of occurred more than six years before the complaint is made.

However I am advised by the FSO that each submitted complaint is considered on its merits and it may well be that aspects of a complaint may be possible to investigate while matters which occurred more than six years are not. Any person who has a concern should submit a complaint for his consideration. The FSO is independent and impartial in the exercise of his powers and the Minister has no role with respect to how he deals with a particular complaint.