Written answers

Tuesday, 10 March 2015

Department of Finance

Financial Services Regulation

Photo of Finian McGrathFinian McGrath (Dublin North Central, Independent)
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201. To ask the Minister for Finance his views on correspondence regarding a pension company and bank conduct in the misrepresentation of product sold, and fraud, in respect of a person (details supplied) in Dublin 3; and if he will make a statement on the matter. [10112/15]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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Allegations of fraudulent or illegal activity should be brought to the attention of An Garda Síochána. It is not the role of the Minister for Finance to act as an intermediary. I understand from the details supplied that the correspondent has reported the matter to An Garda Síochána and it would not be appropriate for me to comment on an ongoing investigation.

I must also point out that the Financial Services Ombudsman is independent in the carrying out of his duties.  I have no role in the day to day workings of the office or in the decision which he takes.

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. Investigations by the Financial Services Ombudsman are free of charge to the consumer. 

The legislation governing the FSO is clear about the circumstances in which he can decline to investigate a complaint.

According to the relevant legislation, the Financial Services Ombudsman can decide not to investigate a complaint or to discontinue an investigation of a complaint on the grounds that

(a) the complaint is frivolous or vexatious or was not made in good faith or

(b) the subject-matter of the complaint is trivial or

(c) the conduct complained of occurred at too remote a time to justify investigation or

(d) there is or was available to the complainant an alternative and satisfactory means of redress in relation to the conduct complained of or

(e) the complainant has no interest or an insufficient interest in the conduct complained of.

The legislation is also clear that the Ombudsman is an independent officer and it would not be appropriate for me to intervene in an individual complaint or to comment on how the complaint was treated.

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