Michael Healy-Rae (Kerry South, Independent)
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135. To ask the Minister for Finance the reason for the delay in implementing key legislation which will allow the Financial Services Ombudsman to have the power to name and shame misbehaving financial firms; and if he will make a statement on the matter. [37298/13]

Michael Noonan (Limerick City, Fine Gael)
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Statutory Instrument No 321 of 2013 commencing section 72 of the Central Bank (Supervision and Enforcement) Act 2013 was signed on 27 August 2013. The section came into effect on 1st September 2013. The Financial Services Ombudsman now has the power to name financial service providers which have at least three complaints against them substantiated or partly substantiated. This additional provision will mean that financial service providers which are failing their customers will be publically identified and incentivised to make real improvements. The Financial Services Ombudsman was consulted on the provisions of the legislation during its preparation and its passage through the Oireachtas. I understand that the Ombudsman intends to publish his first report with these details early in 2014.