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Dublin: 13 °C Wednesday 20 August, 2014

Fianna Fáil want period for financial services complaints extended

A six year limit currently exists after which complaints cannot be made to the Financial Services Ombudsman.

FIANNA FÁIL HAVE published a bill that they hope will give people more time to complain about mis-sold items.

The Mis-sold Financial Products bill aims to extend the current six-year limit on complaints to the Financial Services Ombudsman (FSO).

Fianna Fáil’s finance spokesperson, Michael McGrath, said that the current limitation was “overly restrictive” and was preventing otherwise valid complaints from being made to the FSO.

“For example, when it comes to certain investment products, endowment mortgages and payment protection policies, it can take a decade or more before the consumer becomes aware they were sold a pup,” he said.

He went on to say:

This reform is complemented by the government’s acceptance of the Fianna Fáil proposal to allow the FSO to publish the complaints record of individual finance service providers.
The government is providing for the publication of the complaints records in the Central Bank (Supervision and Enforcement) Bill 2011 currently at committee stage.

Read: Complaints to Financial Services Ombudsman up 12% last year >

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