The work plan update in terms of the Financial Services and Pensions Ombudsman was published a number of years ago. Extra resources and extra staff have been allocated to try to deal with cases in a much more timely and efficient manner. The consumer protection code I referred to, which I launched last week, is to try to deal with instances before they ever get to the Financial Services and Pensions Ombudsman to ensure financial institutions honour their responsibility, first and foremost, in the protection of the …

I have just double-checked and it is for section 12.

I thank the Senators for raising this matter. It is why I said earlier to Senator's Stephenson that the discussion on section 12 is the most appropriate time to reply. I thank Senator Murphy for tabling the amendment. There was a detailed and comprehensive discussion on this issue on Committee Stage in the Dáil, which highlighted that this complex matter involves wider legal and contractual issues. For the information of Senators, during the Dáil debate I noted the FSPO advised that where a complaint is made to it …

Section 13 provides that the ombudsman may require any person to attend before him and be examined and cross-examined on oath or affirmation. This updates the 2017 FSPO Act to include a provision for cross-examination and also provides for a person to make an affirmation in place of taking an oath. Senators may be aware that many of the amendments in this Bill arise from the Supreme Court ruling in the case of Zalewski v. an adjudication officer, the Workplace Relations Commission, Ireland and the Attorney General.…

I am just confirming with my officials that my understanding is right. This is not one party against the other. I cannot bring my wife, or my wife cannot bring an argument with me to the financial services ombudsman. It would be me and her bringing a complaint to the ombudsman where the financial services provider failed in its duty in terms of a pension we had taken out, for example, or a financial product. It is the financial institution that will be cross-examined, not one of the parties. The amendment Senator M…

I thank the Acting Chairperson. I welcome the opportunity to engage with Members on the Bill. The Bill will strengthen protections for financial customers in Ireland and ensure that the office of the Financial Services and Pensions Ombudsman, FSPO, can continue to carry out its statutory functions in line with the Constitution. Many will have heard the ombudsman, Mr. Liam Sloyan, on RTÉ this morning speaking on the FSPO's new report on complaints in 2024. That 6,185 complaints were received by the FSPO and €5.7 mil…

This amendment would allow regulations to be made that require internal dispute resolution processes to be established by those responsible for the management of the scheme, such as trustees, personal retirement savings accounts providers or, in the case of a public authority scheme, the Minister or Ministers to whom the right of appeal applies. Section 19 is to correct a typographical error; section 62 of the Act, which refers to “a decision of the Ombudsman under section 61 or 62 in respect of a complaint” rather…

I am sorry.

I thank the Cathaoirleach Gníomhach and all of the Senators for their contributions. The vital role of the FSPO for consumers of financial services in Ireland was highlighted just today because it launched its annual overview of complaints for 2024. In total, €5.7 million was delivered in outcomes to consumers in 2024. The FSPO received 6,185 complaints in 2024, maintaining the historic high level of complaints received in 2023. That was a 30% increase in complaints received on 2023. It is for that reason the Minis…

On Senator McDowell's query about the presumption of private hearings versus public, section 12 of the Financial Services and Pensions Ombudsman Act outlines various ways the ombudsman may conduct an investigation, including a formal investigation with oral hearings, if required. Section 56(4) of the Financial Services and Pensions Ombudsman Act provides that investigations "are conducted otherwise than in public". This includes informal means, mediation and formal investigations or a combination of these processes…

It is a very good point. I should have highlighted it. I was unaware of that. I will take the point back and see if we can amend it.

We are talking about making sure the body is efficient and can deal with existing complaints in a timely manner.

If we broaden the number of complaints that go into it, that may be counterproductive and may discommode disproportionately smaller business of under €3 million. I will not make a commitment other than to say we will look at in a positive light if possible.

Under pressure.

I move amendment No. 1: In page 3, to delete lines 17 to 20 and substitute the following: “(a) in subsection (1)— (i) in the definition of “financial service provider”, by the insertion of the following paragraphs after paragraph (g): “(ga) a person who, before the commencement of the Consumer Protection (Regulation of Credit Servicing Firms) Act 2015, engaged in any of the activities referred to in subparagraphs (i) to (iii) of paragraph (a) of the definition of ‘credit servicing’ in section 28(1) of the Central B…

I just need to get the translation.

It was the Opposition that highlighted this at the time when the legislation was coming through. To the credit of the Minister for Finance at the time, former Deputy Michael McGrath, he undertook to take on board the Opposition’s concerns. I looked back at the debate in the Official Report. In February 2024, he acknowledged the Deputy had raised this matter in the House the previous week when we were bringing through legislation. The then Minister said it was important, and his commitment, that all consumers have e…

That is correct.

I thank Deputy Doherty and understand where he is coming from. The Minister does have regular engagement with the Financial Services and Pensions Ombudsman and we can commit to keeping the matter under review and on our radar in the regular engagement. In respect of the amendments, as the Deputies are aware, we undertake post enactment to carry out scrutiny of all legislation. This includes the requirement under Dáil Standing Orders that a post-enactment report be produced and laid 12 months after the enactment of …

I have been told that the FSPO was created by merging the Financial Services Ombudsman and the Pensions Ombudsman and the levy system design reflects that since the 2017 Act. I do not know if that clarifies the matter for Deputy Doherty but if not we can come back to him with a more comprehensive answer. Section 3 outlines and updates the methodology for calculating expenses via a percentage split charged to the financial services ombudsman sector by a levy for financial services complaints, and expenses charged to…