Written answers

Tuesday, 7 December 2021

Department of Finance

Financial Services

Photo of Cian O'CallaghanCian O'Callaghan (Dublin Bay North, Social Democrats)
Link to this: Individually | In context | Oireachtas source

201. To ask the Minister for Finance if his attention has been drawn to consumers being excluded from the protections offered by the Financial Services Ombudsman due to a strict and narrow interpretation of a rule that cases must commence within three years; if this will be reviewed; and if he will make a statement on the matter. [59972/21]

Photo of Paschal DonohoePaschal Donohoe (Dublin Central, Fine Gael)
Link to this: Individually | In context | Oireachtas source

Firstly, I must point out that the Financial Services and Pensions Ombudsman (FSPO) is independent in the performance of his statutory functions. As Minister for Finance, I have no role in the day to day workings of the office or in the decisions which he takes.

The Financial Services and Pensions Ombudsman (FSPO) has advised me that the FSPO can investigate complaints made about the conduct of financial service providers and pension providers, only if such complaints are made within the time limits prescribed by the Financial Services and Pensions Ombudsman Act 2017, as amended(‘the Act’).

The Act further requires that where a question arises as to whether the Ombudsman has jurisdiction to investigate a complaint, including in relation to time limits, the question must be determined by the Ombudsman.

The time limits set out in the Act state that a complaint that does not relate to a “long-term financial service” within the meaning of the legislation, shall be made to the Ombudsman not later than 6 years from the date of the conduct giving rise to the complaint.

A complaint about a “long-term financial service”, as defined in the Act, can be made not only within a period of 6 years from the date of the conduct complained of, but also within a period of 3 years from the date on which the person making the complaint became aware, or ought reasonably to have become aware, of the conduct giving rise to the complaint.

In addition, the FSPO has a statutory discretion, regarding such complaints concerning a “long-term financial service”, to extend the time where there are reasonable grounds for requiring a longer period and it would be just and equitable in all the circumstances to do so.

Any jurisdictional determination, including in relation to time limits, is made by the Ombudsman on the basis of an in-depth assessment of the evidence available regarding the complaint, to ensure that the provisions of the Act are observed. The Ombudsman must at all times act within the limits of the governing legislation.

The FSPO website contains useful information to assist complainants and providers in understanding the various aspects of the time limits which are relevant to making a complaint.

Comments

No comments

Log in or join to post a public comment.