Mattie McGrath (Tipperary South, Independent)
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165. To ask the Minister for Finance the legislative and regulatory measures he is taking to address instances where persons have been mis-sold financial products such as endowment mortgages, investments, payment protection insurance, and so on; if he will amend the existing Statute of Limitations under which financial institutions have evaded the duty to offer compensation to such persons (details supplied); and if he will make a statement on the matter. [3950/16]

Clare Daly (Dublin North, United Left)
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173. To ask the Minister for Finance if he will purpose legislation or take other steps to change the Statute of Limitations for mis-selling of financial products, so that the six-year time limit will originate at the time a customer becomes aware of mis-selling, rather than originating at the time of sale; and if he will make a statement on the matter. [4101/16]

Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 165 and 173 together.

The Statute of Limitations comes under the aegis of my colleague the Minister for Justice and Equality and I understand that the operation of the law in relation to the Statute of Limitations is a matter of ongoing review at that Department.  

In relation to financial services, as the Deputy is aware, Section 57BX (3)(b) of the Central Bank Act 1942 as amended prevents the Financial Services Ombudsman from examining any aspect of a complaint where the conduct being complained of occurred more than 6 years before the receipt of the complaint in his Office.  The Financial Services Ombudsman has no discretion in relation to the 6 years rule.

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.