Thomas Byrne (Meath East, Fianna Fail)
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29. To ask the Minister for Finance his plans to extend the statutory time limits for complaints to the Financial Services Ombudsman; and if he will make a statement on the matter. [34051/16]

Michael Noonan (Limerick City, Fine Gael)
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By way of background, the Financial Services Ombudsman's Bureau was established under the Central Bank and Financial Services Authority of Ireland Act 2004. The legislation provides for an independent, impartial investigation and resolution of disputes between consumers and financial service providers.

In terms of time limits for complaints, the current legislation prohibits the Financial Services Ombudsman from examining any aspect of a complaint where the conduct being complained of occurred more than 6 years from receipt of the complaint in his Office.

As the Deputy may be aware, my Department has been progressing legislation to underpin the amalgamation of the Financial Service Ombudsman and the Pensions Ombudsman for some time now.  The legislation will also include updated provisions in relation to the powers and functions of the Ombudsman.

Detailed Heads of Bill went to the Committee on Finance, Public Expenditure and Reform, and Taoiseach in early September 2016.  The Heads provide that complaints in relation to long term financial services products and pension products may be made up to:

- six years from date of the conduct complained of, or

- three years from the date the complainant knew/ought to have known about the conduct.

There are also a number of Private Members Bills on the legislation governing the Financial Services Ombudsman and I note that there seems to be broad support for an extension of the time limits in principle.

Pre-legislative scrutiny on my Heads of Bill and a Sinn Féin Private Members Bill on the Ombudsman took place on the 27th October.

We are awaiting the report from the Committee of Finance, Public Expenditure and Reform, and Taoiseach.

The appropriate commencement date for particular provisions in the Heads of Bill such as the extension to the time limit for complaints to the Ombudsman is a complex matter to be considered further in the course of the legislative process.  The appropriate commencement date will also need to be considered carefully in the course of the drafting of the Bill in close consultation with the Office of Parliamentary Counsel and Office of the Attorney General.