Catherine Murphy (Kildare North, Independent)
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80. To ask the Minister for Finance if his attention has been drawn to a significant number of persons who made investments during a time when the economy was very healthy and some banks engaged in irresponsible lending practices, and who now find that they fall foul of the six-year limitation period placed upon complaints that can be registered with the Financial Services Ombudsman (details supplied); if he will amend legislation to extend this period and further resource the office of the FSO to support this; and if he will make a statement on the matter. [3217/15]

Michael Noonan (Limerick City, Fine Gael)
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As the Deputy states, under section 57BX(3)(b) of 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.

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.  A Steering Group chaired by my Department with representatives from the Financial Services Ombudsman, the Pensions Ombudsman, the Departments of Public Expenditure and Reform and Social Protection is meeting to consider the best way to progress the amalgamation.

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 of the need 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.