A Bill from Sinn Fein Finance spokesperson Pearse Doherty to protect consumers’ rights has passed final stages in the Dáil this evening.
The Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014 removes the six year rule which prevents the Financial Services Ombudsman from hearing complaints about financial products that have been sold more than six years from the date of complaint.
This is the first opposition Bill to pass all stages in the Dáil for some time.
Deputy Doherty said “I am delighted my Bill has passed all stages in the Dáil.
“It is estimated that over a thousand complaints annually are either not made or not heard as a result of the six year rule.
“Between 2011 and 2016 over 3,000 people were excluded from the Financial Services Ombudsman system because of the six year rule. Many others may not have even applied because they knew six years had elapsed.”
He added the Bill will allow many of these people to have their cases heard by the Ombudsman.
“I know of many cases of families waiting for this legislation to be passed so they can make a complaint about a bank or insurance provider, have it heard by the Ombudsman, seek redress and be compensated.
“In recent years we have witnessed the tracker mortgage scandal and the mis-selling of Payment Protection Insurance.
“This is the first opposition Bill to be passed through all stages in the Dáil for some time and it is a Bill that will have an immediate impact for the 3000 people who have been prevented from having their cases heard and the many more who simply haven’t made complaints as a result of this rule.
“I look forward to the Bill becoming law and presenting consumers with a level playing field when dealing with financial institutions.”Tags: