Tuesday 26 September 2017

Consumers to get longer to make financial complaints

Michael Noonan and Eoghan Murphy have published the General Scheme of the Financial
Services and Pensions Ombudsman Bill 2016. Photo: Tom Burke
Michael Noonan and Eoghan Murphy have published the General Scheme of the Financial Services and Pensions Ombudsman Bill 2016. Photo: Tom Burke
Charlie Weston

Charlie Weston

The Government has published legislation to change the six-year time limit on taking complaints to the Financial Services Ombudsman.

The rule has led the Ombudsman to throw out hundreds of complaints relating to the mis-selling of mortgages, trackers and endowment policies.

More than 800 complaints a year are thought to be rejected by the Ombudsman, often because they fall foul of the six-year rule.

Now Finance Minister Michael Noonan and the Minister of State for Financial Services Eoghan Murphy have published the General Scheme of the Financial Services and Pensions Ombudsman Bill 2016.

Section five of the Bill allows the Ombudsman to consider complaints for products bought more than six years ago. This refers to pensions products and mortgages.

Under the provisions in the Bill, complaints can be made six years from the date of the conduct giving rise to the dispute, even if the product was bought years ago.

It is not clear if the new provision on the six-year rule will be retrospective.

Irish Independent

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