Joe Higgins (Dublin West, Socialist Party)
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72. To ask the Minister for Finance if he will review the six-year time limit for complaints to the Financial Services Ombudsman about life insurance and life assurance policies, given the long terms of these products. [34880/14]

Michael Noonan (Limerick City, Fine Gael)
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Under the Central Bank Act 1942, as amended, a consumer is not entitled to make a complaint to the Financial Services Ombudsman if the conduct complained of occurred more than six years before the complaint is made.

A complaint to the Pensions Ombudsman may be made within three years of the complainant first becoming aware of the act giving rise to the complaint, even if this is longer than six years.  As the Deputy may be aware, my Department is currently progressing the amalgamation of the Offices of both the Financial Services Ombudsman and the Pensions Ombudsman.

The question of the timeframe under which complaints can be reviewed is a policy matter which will be considered as the legislation to effect the amalgamation is being developed. I am of course mindful to provide the necessary protection to the consumer over the longer term. However, the issues in this regard are complex involving a range of considerations including the interface with the Statute of Limitations, existing consumer protection laws, complaints mechanisms and the availability of records.