Written answers
Tuesday, 27 November 2018
Department of Finance
Financial Services and Pensions Ombudsman
Michael McGrath (Cork South Central, Fianna Fail)
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177. To ask the Minister for Finance the number of complaints outstanding at the Financial Services and Pensions Ombudsman; the number of complaints outstanding at the end of each month in 2018 and at the end of 2015, 2016 and 2017; and if he will make a statement on the matter. [49472/18]
Michael McGrath (Cork South Central, Fianna Fail)
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178. To ask the Minister for Finance the number of complaints outstanding at the Financial Services and Pensions Ombudsman by length of time (details supplied); the complaints that are open from the time of first receipt; and if he will make a statement on the matter. [49473/18]
Paschal Donohoe (Dublin Central, Fine Gael)
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I propose to take Questions Nos. 177 and 178 together.
Firstly, I must point out that the Financial Services and Pensions Ombudsman is independent in the performance of his statutory functions.
I have been advised by the Ombudsman that the number of complaints outstanding each month in 2018 were as follows:-
| Year | Month | Number of complaints outstanding at the end of the Month |
|---|---|---|
| 2018 | January | 3328* |
| February | 3515 | |
| March | 3740 | |
| April | 3853 | |
| May | 3943 | |
| June | 3964 | |
| July | 4155 | |
| August | 4307 | |
| September | 4454 | |
| October | 4662 |
I have also been advised by the Ombudsman that the number of complaints outstanding for the years for 2015 to 2017 were as follows:-
| Year | Number of complaints outstanding at year end |
|---|---|
| 2017 | 3134 |
| 2016 | 2198 |
| 2015 | 1954 |
| Month since Received | Complaint Numbers @ 23 November 2018 |
|---|---|
| <1 | 489 |
| 1-3 | 920 |
| 3-6 | 907 |
| 6-12 | 865 |
| 1 Year Plus | 1541 |
| Total | 4722 |
Michael McGrath (Cork South Central, Fianna Fail)
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179. To ask the Minister for Finance the funding provided to the Financial Services and Pensions Ombudsman in each of the years 2015 to 2017 and to date in 2018; the planned funding in 2019; and if he will make a statement on the matter. [49474/18]
Paschal Donohoe (Dublin Central, Fine Gael)
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At the outset, I must point out that the Financial Services and Pension Ombudsman is independent in the performance of his statutory functions.
As the Deputy will be aware the Financial Services and Pensions Ombudsman Act 2017 (FSPO Act 2017)which commenced on 1 January 2018 established the Office of the Financial Services and Pensions Ombudsman (FSPO). Prior to 2018 the Department of Employment Affairs and Social Protection were responsible for the funding of the Office of the Pensions Ombudsman.
The FSPO is funded through two distinct sources; the pensions complaints are funded by the Exchequer, through the Department of Finance and the financial services complaints are funded by a levy on the financial services industry.
The Ombudsman has informed me that the 2018 budget breakdown was as follows:-
| Financial Services and Pensions Ombudsman | 2018 |
|---|---|
| Exchequer Funding | € 950,000 |
| Financial Services Industry Levy | € 4,336,961 |
| Financial Services Ombudsman | 2015 | 2016 | 2017 |
|---|---|---|---|
| Financial Services Industry Levy | €3,770,930 | €4,231,925 | €4,279,834 |
- Approval of the Office's annual estimates;
- Approval of the Office's strategic plan; and
- Keeping under review the efficiency and effectiveness of the Ombudsman
I understand that the Annual Estimates of Income and Expenditure 2019 will be considered by the Financial Services and Pensions Ombudsman Council at its meeting in December, at which point the funding requirement for 2019 will be agreed. The Council with my consent will prescribe by regulation the "Financial Services Industry Levy" to be paid in relation to financial service providers.
The proposed Exchequer funding in relation to pension complaints for 2019 is €950,000.
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