Tommy Broughan (Dublin North East, Labour)
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17. To ask the Minister for Finance his proposals for legislative reform of the manner in which the Financial Services Ombudsman operates, including an increased levy on industry to fund a more comprehensive FSO which can respond to consumer needs. [15983/14]

Michael Noonan (Limerick City, Fine Gael)
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Firstly, I must point out that the Financial Services Ombudsman is independent in the performance of his statutory functions.  I have no role in the day to day workings of the office.

The Financial Services Ombudsman  was set up to adjudicate on unresolved disputes between complainants and financial service providers in an independent and impartial manner

The Central Bank and Financial Services Authority of Ireland Act 2004 provided for the establishment of the Financial Services Ombudsman Council.  The main functions of the Council are:

- to appoint the Financial Services Ombudsman and each Deputy Financial Services Ombudsman,

- to prescribe guidelines under which the Ombudsman is to operate and

- to determine the levies and charges payable for the services provided by the Ombudsman.

One of the statutory functions of the Council is to keep under review the efficiency and effectiveness of the Bureau and advises the Minister for Finance, either at my request or on its own initiative, on any matter relevant to the operation of the Bureau.

Under section 57BE of the Central Bank Act 1942 (as amended), the Financial Services Ombudsman Council may impose levies and fees to enable the Financial Services Ombudsman to perform the functions assigned to him and to exercise the powers conferred on him by statute. Under section 57 BF, the regulations do not take effect until the Minister has consented to them in writing.

The Financial Survives Ombudsman Council has informed me that they are satisfied with resources at the moment. Any Legislative amendment necessary will be decided by the Steering Committee in the context of any legislative change necessary for the proposed merger with the Pension Ombudsman.

I have no plans to recommend to Government that legislation in relation to the Financial Services Ombudsman be introduced at this time.