Michael McGrath (Cork South Central, Fianna Fail)
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216. To ask the Minister for Finance further to Parliamentary Question No. 235 of 18 February 2014, if a mortgage holder has the right to complain to the Financial Services Ombudsman in cases where their loan has been sold to an unregulated entity that states it is voluntarily complying with the Code of Conduct on Mortgage Arrears and the consumer feels that the entity is not actually abiding by the code; the other course of action that would be open to the consumer in such circumstances; and if he will make a statement on the matter. [9509/14]

Michael Noonan (Limerick City, Fine Gael)
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One of the main roles of the Financial Services Ombudsman is to investigate, mediate and adjudicate complaints about the conduct of regulated financial service providers so a consumer who has a complaint about an unregulated entity cannot take this complaint to the Financial Services Ombudsman. Such a consumer would have recourse to the Courts in the usual manner.

As I said in my reply to which the Deputy refers, I understand that a number of the purchasers of mortgage loan books are abiding by the Central Bank Code of Conduct on Mortgage Arrears on a voluntary basis. I accept that this is not the same as the consumer having the right to the free service provided by the Financial Services Ombudsman but voluntary adherence to the Code seems to be in the interests of both the consumer and the purchasing entity.