Financial Services and Pensions Ombudsman (Amendment) Bill 2023: Report and Final Stages Seanad Éireann — 2025-04-10 ============================================================ Maria Byrne (CC), Agricultural Panel I welcome the Minister of State, Deputy Troy. I welcome our guests in the Gallery who are from Germany, Belgium and Ballymun. They are all very welcome and I hope they enjoy their visit to Leinster House today. Maria Byrne (CC), Agricultural Panel When is it proposed to take Fifth Stage? Cathal Byrne (FG), Cultural and Educational Panel Now. Maria Byrne (CC), Agricultural Panel Is that agreed to? Agreed. Robert Troy (FF), Longford-Westmeath I thank the Senators who are present, and those who attended debates on previous Stages of the Bill, for their contributions to the debate, particularly in recent weeks, and for their very constructive engagement with the legislation. The Financial Services and Pension Ombudsman is an independent, impartial, fair and free service that helps resolve complaints from consumers, including small businesses, against financial service providers and pension providers. It provides a vital service for consumers of financial services in Ireland. The Bill was originally published on 19 December 2023. It is heartening to see it through the final legislative Stages in the Seanad today, particularly given the key aim of the Bill is to strengthen protections for financial consumers by amending legislation underpinning the FSPO so it can continue to carry out its statutory functions in line with the Constitution. It will significantly improve the consumer protection framework in Ireland and, importantly, it will clarify that customers of financial services providers that have left the Irish market will continue to be able to access the existing services and consumer protections afforded by the FSPO. All mortgage holders will now have access to the FSPO, even if their mortgage loan was a credit servicer that was unregulated before the Acts of 2015 and 2018. Once again, I thank colleagues here and in the Dáil for their input and careful consideration of the Bill since its introduction. I am happy the Bill has now passed all Stages and will go to Uachtarán na hÉireann to be signed into law. Cathal Byrne (FG), Cultural and Educational Panel I congratulate the Minister of State on the successful shepherding of this legislation through the Oireachtas. It is important to pick up on one of the points the Minister of State mentioned relating to the public. This service is a free service and it is important to stress that there is no levy or charge. This is a free service provided to make protection a key priority for financial consumers. Maria McCormack (SF), Labour Panel We are happy with everything in this Bill except for the vulture funds which I must comment on because there were promises made. These are mortgage prisoners and they are still very unhappy. There is great progress with this Bill. My colleague, Deputy Doherty, did a lot of work and the Government accepted some of the amendments. However, we need to put on record there are still mortgage prisoners of vulture funds and we need to bear that in mind. Ollie Crowe (FF), Industrial and Commercial Panel I welcome Minister of State, Deputy Troy, to the Chamber and I thank his officials for their hard work in getting this Bill through. It is a welcome development and it is great that there is support across the House. Maria Byrne (CC), Agricultural Panel The officials from the Department are very welcome and I congratulate them on the passing of the Bill. Maria Byrne (CC), Agricultural Panel When is it proposed to sit again? Cathal Byrne (FG), Cultural and Educational Panel It is proposed to sit again at 2.30 p.m. on Tuesday, 29 April. Maria Byrne (CC), Agricultural Panel Is that agreed? Agreed. --- Source: Houses of the Oireachtas. Licensed under CC BY 4.0 (https://creativecommons.org/licenses/by/4.0/). The Official Report is revised after first publication; the fetch timestamp below identifies the version quoted. Record URI: https://data.oireachtas.ie/akn/ie/debateRecord/seanad/2025-04-10/debate/main Retrieved: 2026-08-14T04:53:43+00:00 Sitting date: 2025-04-10