Michael McGrath (Cork South Central, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

148. To ask the Minister for Finance the number of complaints received, upheld, and in which compensation was awarded by the Financial Services Ombudsman regarding the sale of whole-of-life insurance policies in each year from 2011 to 2015, in tabular form; the impact of the six-year rule on complaints regarding long-term policies such as whole-of-life assurance; and if he will make a statement on the matter. [3232/16]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

I have been informed by the Financial Services Ombudsman's Bureau that complaints in relation to whole-of-life policies in the years requested were as follows:

The Bureau was unable to investigate these complaints because they all related to mis-selling which occurred more than six years before the complaint was made and section 57BX(3) of the Central Bank Act 1942 as amended provides that "A consumer is not entitled to make a complaint if the conduct complained of ...(b) occurred more than 6 years before the complaint is made...".

My Department has been progressing the amalgamation of the Offices of 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 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.