Jennifer Whitmore (Wicklow, Social Democrats)
Link to this: Individually | In context

497. To ask the Minister for Finance if he is aware of the recent cancellation of the family life plus funeral cover policy by a credit union (details supplied), which has left dozens of members without funeral protection despite years of contributions; and if he will make a statement on the matter. [59136/25]

Paschal Donohoe (Dublin Central, Fine Gael)
Link to this: Individually | In context

Firstly, I understand the frustration the recent cancellation of the Family Life Plus funeral cover policy has caused for its members. However, it is necessary to point out that neither I nor the Minister for State with responsibility for Financial Services, Credit Unions and Insurance have a direct function in the relationship between financial service providers and their customers and accordingly, cannot get involved in individual disputes.

The matter raised has been brought to the attention of the Central Bank, who is actively engaging with relevant firms on the matter. However, due to the confidentiality requirements imposed on the Central Bank set out in Section 33AK of the Central Bank Act, the Central Bank is not in a position to comment on individual regulated firms or cases.

Officials in my Department have also engaged with Insurance Ireland on this matter. Insurance Ireland confirmed that they have reached out to the relevant insurance company (Utmost PanEurope), who have provided the following statement:

“The background to this is that following a Group-wide strategic review, the decision was taken for Utmost Corporate Solutions to exit from the Irish domestic market. We are sorry to hear about the difficulties this has caused certain individuals. We are working closely with CMutual Services (Ireland) Limited and the relevant Credit Unions on this matter.”

I would like to advise affected members that if they believe that they have been treated unfairly, they can make a complaint to the credit union and/or their insurance provider using their respective internal formal complaints procedures.

Should the relevant complaints process come to a conclusion which they are not satisfied with, they may be able to refer the matter to the Financial Services and Pensions Ombudsman (FSPO) to have it investigated independently.

I should note that the FSPO is independent in the performance of their statutory functions. Neither I nor the Minister of State have a role in the day-to-day workings of the FSPO and are not involved in the investigation or decision-making processes of this office.